Bitcoin analysis for January 30, 2019

Posted On 30 Jan 2019

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

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Source:: Bitcoin analysis for January 30, 2019

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