Bitcoin analysis for January 30, 2019

analytics5c51a69bb39da.png

Bitcoin has been trading sideways at the price of $3.420. Our view from yesterday is still active. Since the key support cluster at $3.420 is broken and successfully retested, we expect downward continuation. I also found a successful breakout of the mini upward Pitchfork channel, which is another sign of underlying weakness.The short-mid term trend is bearish and you should go with the direction of the overall trend.

R1: $3.442

R2: $3.489

R3: $3.538

Pivot: $3.392

S1: $3.345

S2: $3.295

S3: $3.248

Trading recommendation: We are still short BTC/USD from $3.392 and with the target at $3.107. Protective stop is placed at the price of $3.550

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Bitcoin analysis for January 30, 2019

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*