empty
 
 
17.01.2019 05:12 PM
BITCOIN Analysis for January 17, 2019

Bitcoin has been consolidating and correcting itself at the edge of $3,600 area for a while now. The price has been rejected off the $3,600 support area with strong bullish momentum but the impulsive pressure is still not sufficient to push higher above $3,700 i.e. above 200 EMA. The price is being contained by Kumo Cloud, Tenkan, and 20 EMA resistance in the intraday chart which indicates that the bears are currently holding the upper hand over the bulls. Though the bias is still bullish as the price remains above $3,000 area with a daily close, the bullish pressure can only sustain its momentum if the price breaks above $4,000 area with a daily close. A break above Kumo Cloud resistance or $3,700 is a must for the current price to reach $4,000 or higher.

SUPPORT: 3,000, 3,500, 3,600

RESISTANCE: 3,700, 4,000, 4,250

BIAS: BEARISH

MOMENTUM: VOLATILE

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback