Author: Since our previous price analysis, Bitcoin has been moving sideways, in a symmetric triangle formation.
Typically to weekends, the trading volume is very low, so as the action in the Bitcoin price. Unlike Bitcoin, some of the altcoins had shown decent gains over the past day.
Looking at the 1-day & 4-hour charts
- As mentioned, Bitcoin is moving sideways building a triangle pattern. The formation is soon to be decided, maybe in the next 24 – 48 hours.
- The triangle should be decided along with the interaction with the significant resistance level of the 50-days moving average line from the daily chart (marked in white).
- A breakout could turn out to be a very bullish move and send Bitcoin to retest next resistance levels around the $4050 – $4200 area. The following resistance level is $4400.
- From the bear side, Bitcoin is getting supported by the 50 days moving average (4-hour chart, marked in purple) and the $3800 level along with the triangle’s ascending trend-line. The next support level is $3700 (along with MA-200 – marked in green) and $3600 (prior low).
- As mentioned above, not a lot of action due to the low trading volume, following the weekend and the holidays.
- Something worth attention: BitFinex’s open short positions, decreased to their lowest point since November – 29.6K BTC, while BTC long positions showed a nice increase. Do they know something?
BTC/USD BitStamp 4-Hour chart
BTC/USD BitStamp 1-Day chart
Click here to start trading on BitMEX exchange and receive 10% discount on fees for 6 months.
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.
More news for you:
By Toju Ometoruwa / Jan 15, 2019
Ethereum’s Constantinople Upgrade Delayed After Security Vulnerability Discovered
By Yoni Berger / Jan 15, 2019
Crypto Market Update Jan.15: 2019 Has Lots Of Exciting Crypto News, But No Trading Volume
By Yoni Berger / Jan 15, 2019
Weekly Price Analysis Overview Jan.15: Bitcoin, Ethereum, Ripple, Tron and Tezos
By Jonathan Goldman / Jan 15, 2019
Ethereum Price Analysis Jan.15: Will The Positive Momentum Continue?
By Arnon Benshahar / Jan 15, 2019
Following Tron BitTorrent Acquisition, Those Are The Lessons That Must Be Learnt For The Crypto Future
By Ali Raza / Jan 15, 2019
Cryptopia Admits Being Hacked: Stolen Amount is Unknown, a $2.5M Transaction Could Reveal
By Jonathan Goldman / Jan 14, 2019
Ripple Price Analysis Jan.14: XRP Had Broken a Long-Term Support Line
By Felix Mollen / Jan 14, 2019
This is Crypto Life: TRX Pump Following BitTorrent Announcement Returned TRON The $126M Acquisition Cost
By Toju Ometoruwa / Jan 14, 2019
Exactly 4 Years Since The $152 Capitulation Candle Which Ended The 2014 Bear Market
By Mandy Williams / Jan 13, 2019
Ethereum’s Constantinople Upgrade: Which Exchanges Are Going to Support The ETH Hard Fork?
By Benjamin Pirus / Jan 13, 2019
Crypto Trading Academy: Price Moves Up While RSI Down? Meet Divergence to Anticipate Price Movements
By Mandy Williams / Jan 12, 2019
Ethereum Classic’s 51% Attacker Had Mysteriously Sent Back $100,000 To Gate.io Exchange
By Felix Mollen / Jan 12, 2019
Ethereum Jan.16 Fork Constantinople Upgrade: Everything You Need to Know
By Felix Mollen / Jan 12, 2019
Bitmain’s Uncertain Future: Suspends Bitcoin Mining Amid Senior Management Shakedown
By Jonathan Goldman / Jan 11, 2019
Ethereum Price Analysis Jan.11: Following Bitcoin, ETH Reached Major Support at $124
By Ali Raza / Jan 11, 2019
