BITCOIN Analysis for January 17, 2019

Bitcoin has been consolidating and correcting itself at the edge of $3,600 area for a while now. The price has been rejected off the $3,600 support area with strong bullish momentum but the impulsive pressure is still not sufficient to push higher above $3,700 i.e. above 200 EMA. The price is being contained by Kumo Cloud, Tenkan, and 20 EMA resistance in the intraday chart which indicates that the bears are currently holding the upper hand over the bulls. Though the bias is still bullish as the price remains above $3,000 area with a daily close, the bullish pressure can only sustain its momentum if the price breaks above $4,000 area with a daily close. A break above Kumo Cloud resistance or $3,700 is a must for the current price to reach $4,000 or higher.

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

RESISTANCE: 3,700, 4,000, 4,250

BIAS: BEARISH

MOMENTUM: VOLATILE

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