Bitcoin analysis for January 29, 2019 - ConsultFX

Bitcoin analysis for January 29, 2019


Bitcoin continues to drop as expected. It respects the Pitchfork downward channel nicely and it is doing good job towards the median. Since the key support cluster at $3.420 is broken and successfully retested, we expect downward continuation. I also found the successful breakout of the mini upward Pitchfork channel, which is another sign of the underlying weakness.The short-mid term trend is bearish and you should go with the direction of the overall trend.

R1: $3.520

R2: $3.610

R3: $3.680

Pivot: $3.446

S1: $3.358

S2: $3.283

S3: $3.195

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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