BITCOIN Analysis for January 10, 2019

Bitcoin's dynamic today came as a surprise to the market. With strong impulsive bearish momentum, the price sank below $4,000. The price not only break below $4,000 area with strong bearish pressure but also breached below 200 EMA, 20 EMA, Tenkan, Kijun and Kumo Cloud support. It has broken all the dynamic supports with one candle which indicates further bearish momentum. According to formation of Extreme Divergence, a bullish pullback towards $4,000 area is expected before the price continues with the bearish trend with a target towards $3,500 and later towards $3,000 area. On the other hand, a daily close above $4,000 area is going to encourage a further bullish bias again in the future.

SUPPORT: 3,000, 3,500, 3,600

RESISTANCE: 4,000, 4,250, 4,500




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