Bitcoin Price Technical Analysis (BTC/USD) Wednesday, January 30, 2019

Summary
The end of the month session begins while Bitcoin continues under a trend dominated by bears. The Bitcoin price today is shown with a slight improvement of + 0.72% however this is not enough to opt for a long entry, rather … I think it is not advisable to trade in BTC at this time.

From the fundamental level the BTC ETFs lose strength and there is no positive signal which opens a path towards an upward momentum (at least momentary) so the price maintains a strong support in the $ 3000.

Key Highlights

  • Bitcoin remains on the downside
  • BTC ETFs with no further result
  • A market dominated by bears

Analyzing the BTC/USD chart we can see a downward trend, which seeks a support in the $ 3000 which has tried to break without success, so it has been set as the main support. On the other hand, the higher price resistance is found at $ 4220.

Keep in mind that, the market is under a lot of indecision. Do not enter fresh capital and these causes the liquids to be lower so opening positions is not a good idea at this time.

BTC/USD Time Frame 1 day

For those who make long-term hold, the $ 3,000 is a good point of purchase and even greater if it broke the main support. At the moment the EMA 9/26 moving averages continue to fall while the RSI submerged below 40%.

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 40%
  • $ 3000 support
  • $ 4200 resistance

 

Disclaimer
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.