Jan 16, 2020
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Bitcoin Price and Technical Market Analysis January 16th, 2020

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Bitcoin Price and Technical Market Analysis January 16th, 2020

  • Bitcoin price has stopped in a narrow 2% consolidation.
  • Local critical point of buyers moved to $8450.
  • The main scenario of the growth continuation and test of $9200 is still valid.

Passively and uncertainly sellers still start their counterattack on Bitcoin market today. After unsuccessful closing of the daily candle, both in appearance and volume, Bitcoin price has lowered by 2% today. The upper trend line was able to stop buyers, but did not motivate sellers to drastically change the market situation. In such a way they showed everyone a confident transition of initiative.

The 4-hour timeframe shows that the price correction up to $8450 is acceptable because it occurs within the growth channel:

Bitcoin Price and Technical Market Analysis January 16th, 2020

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