Bitcoin analysis for January 28, 2019

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BTC breached the key support cluster at the price of $3.420, which is a clear sign that sellers are in control and that buyers don't have power. BTC is trading inside of the downward Pitchfork channel and I am expecting a potential reach of the median line. The key support now became the level of $3.420.

Resistance levels:

R1: $3.572

R2: $3.613

R3: $3.663

Pivot : $3.522

Support levels:

S1: $3.480

S2: $3.431

S3: $3.390

Trading recommendations for today: We are short BTC/USD from $3.392 and with the target at $3.107. Protective stop is placed at the price of $3.550.

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