BITCOIN Analysis for January 23, 2019

Bitcoin is currently struggling at the edge of $3,600 area with certain bullish momentum since the bounce off the $3500 area. The price recently bounced off the dynamic level of 200 EMA while being supported by the 20 EMA, Tenkan line, and Kumo Cloud support area. The MACD histograms are quite minimal while being corrected inside the corrective range between $3,500 to $3,600. As of the current price formation, if the price breaks above 200 EMA with strong bullish momentum, it is expected to push higher towards $4,000 in the coming days. As the price remains above $3,500, the bullish bias is expected to remain strong.

SUPPORT: 3,000, 3,500

RESISTANCE: 3,600, 4,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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The material has been provided by InstaForex Company - www.instaforex.com