Bitcoin analysis for January 24, 2019

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Trading recommendations:

Nothing has specially changed since my yesterday’s analysis. BTC has failed to reach the Pitchfork median line, which is a sign that sellers are loosing power and the demand may increase. There is also a breakout of the Pitchfork diagonal (resistance), which is another confirmation of strength. The key support at the price of $3,420 held successfully and I expect further bullish movement. I have also found a bullish cross on the Stochastic oscillator, which is another sign of the potential strength.

Trading advice: We are bullish on BTC from $3,540 with the targets at $3,742 and $4,086. The protective stop is placed below $3,420.

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Source:: Bitcoin analysis for January 24, 2019

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