Bitcoin analysis for January 31, 2019 - ConsultFX

Bitcoin analysis for January 31, 2019


Bitcoin has been trading downwards. The price tested the level of $3.390. Our bearish 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. Most recently, there is the breakout of the bearish flag, which is good sign of continuation. The short-mid term trend is bearish and you should go with the direction of the overall trend.

R1: $3.472

R2: $3.510

R3: $3.560

Pivot: $3.392

S1: $3.385

S2: $3.335

S3: $3.298

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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