Bitcoin analysis for January 25, 2019

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Background: In the background BTC got failed to test the Pitchfork median line inside of the downward channel, which is a sign of strength. There is also a rejection of the key support cluster at the price of $3.411 and the potential end of the larger downward correction (abc flat), which is another sign of strength. So far, the BTC is trading inside of the mini upwards Pitchfork channel and you should watch only for buying opportunities.

Trading recommendation: We are long BTC/USD from $3.540 and the first upward target at $3.700. The protective stop is placed at $3.410.

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