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Bitcoin analysis for January 29, 2019

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Bitcoin continues to drop as expected. It respects the Pitchfork downward channel nicely and it is doing good job towards the median. Since the key support cluster at $3.420 is broken and successfully retested, we expect downward continuation. I also found the successful breakout of the mini upward Pitchfork channel, which is another sign of the underlying weakness.The short-mid term trend is bearish and you should go with the direction of the overall trend.

R1: $3.520

R2: $3.610

R3: $3.680

Pivot: $3.446

S1: $3.358

S2: $3.283

S3: $3.195

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

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