Bitcoin analysis for January 24, 2019

analytics5c49a6e32d2f6.png

Trading recommendations:

Nothing has specially changed since my yesterday's analysis. BTC has failed to reach the Pitchfork median line, which is a sign that sellers are loosing power and the demand may increase. There is also a breakout of the Pitchfork diagonal (resistance), which is another confirmation of strength. The key support at the price of $3,420 held successfully and I expect further bullish movement. I have also found a bullish cross on the Stochastic oscillator, which is another sign of the potential strength.

Trading advice: We are bullish on BTC from $3,540 with the targets at $3,742 and $4,086. The protective stop is placed below $3,420.

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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