Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bullish
On January 19, the bulls tested the $9,200 resistance level and were resisted. The coin fell to a low of $8,400. The bulls could not sustain hold above the higher price level. Later it pulled back to $8,600 and resumed a range-bound movement. The range-bound movement is ongoing as the price movement is insignificant.
If the price falls to a low of $8,200, it may form strong support. On the upside, a bounce from such strong support will push the coin to the high of $9.500 or $10,300 price level. On the downside, if the bears sink the coin and it reaches the low of $7,800, BTC is likely to resume the downtrend.
Daily Chart Indicators Reading:
The market is trading below 80% range of the daily stochastic. It indicates that BTC is falling and it is in a bearish momentum. The coin has been trading in the overbought region when the selling pressure begins.
BTC/USD Medium-term bias: Bullish
On the 4 –hour chart, Bitcoin is fluctuating between $7,000 and $7,600 before the upward movement. After the initial fluctuations, the bulls broke the $7,600 but were stopped at $8,400. The resistance at $8,400 was breached as the bulls moved up to reach the previous highs.
4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 45 indicates that Bitcoin is in a range bound zone. The market is trading in a sideways trend as the price bars are forming in a horizontal pattern. If the price bars begin to form below the EMAs, the selling pressure may begin.
General Outlook for Bitcoin (BTC)
In the last 48 hours, the price movement has remained the same as the market continues its fluctuations. Bitcoin price has not changed as the coin is neither falling nor rising. It is likely the coin may encounter a breakout or breakdown. A breakout at the current price level will push the coin above the $9,200 price level. A breakdown at the current price level will sink the coin below $8,200.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,600
Stop: $8,000
Target: $9,500
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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