BITCOIN Analysis for January 8, 2019

Bitcoin has been correcting itself in a downward sloping Channel-based structure which made the price to retrace towards $4,000 area before pushing higher. The price recently bounced off the Kumo Cloud support while also being held by the dynamic levels like 20 EMA, Tenkan, and Kijun line as support. The Chikou span is currently breaking above the price line which also indicates further bullish pressure in the coming days. Bitcoin being above $4,000 area with a daily close is expected to lead the price higher towards $4,250, $4,500 and later towards $5,000 area respectively.

SUPPORT: 3,500, 3,600, 4,000

RESISTANCE: 4,250, 4,500, 5,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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