PRESS RELEASE: Bitcoin (BTC) Price Analysis – January 12. A Sign of Potential Fall

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Highlights:

Some sentiments around Bitcoin recently seem to hold price low. The Thursday’s drop caught traders unaware as a market loss about $550 from this week open at $4200.

Key Levels:

Resistance levels: $4300, $5600, $6500

Support levels: $3200, $2800, $2500,

Daily Overview on BTC-USD Market

BTC/USD 1 Day Chart, Bitfinex.

Currently, on the daily, trading activity and volatility are very low as candles form choppy. This squeeze reveals on the RSI; waiting for the next move. It could be either a pump or dump. But as it appears, the blood has not finished: see MACD about to cross to negative zone. A sign of potential fall. The 2018 low at $3200 support might be tested soon.

An incline move would hit $4200 resistance level, at the trendline. Breaking the $4200 would take price straight to $5600 high, where the 200 days moving average line (purple) slopes.

Monthly Overview of BTC-USD Market

BTC/USD 1 Month Chart, Bitfinex

In 2017, Bitcoin had a spectacular momentum: a mind-blowing experience. The currency performance geared investors and traders. But the reverse is the case in 2018 as price unexpectedly fall to $3200 area.

From $19900 ATH in mid-December 2017, Price began to drop slowly. Closing at $10200 in February 2018 with about 95 percent loss; the weekly MACD brilliantly signals the sharp low move, forming dark green columns before the red ones. The red columns are still very dominant. Once it forms light red, a bullish trend is signaled.

But looking at the RSI: the February 2018 sharp low reflected at the overbought zone before driving down to reach the oversold line.

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