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\nBitcoin Price Highlights The Bitcoin price has broken down below its ascending support line. It has almost reached its 200-hour moving average (MA). There is support near $7500. It possibly failed to create an evening star pattern in the daily time-frame. Bitcoin is holding on to its long-term weekly MA support. Ascending Bitcoin Support Line

On January 9, the Bitcoin price broke down from the ascending support line. Afterward, it increased and validated it as resistance. The area that is expected to initiate a reversal is found near $7500, a previous support area and the 0.618 Fib level. The 0.5 Fib level is not considered due to the fact that there is no prior support at this level.

In addition, the 200-hour moving average is only slightly above this support area. Therefore, the Bitcoin price could create a movement similar to that on December 26-27, when a slight decrease below this MA was followed by a price increase.

However, a bounce exactly on the MA, similar to January 4-5, is not discounted but seems less likely due to the lack of previous support. If the price keeps following the current descending support line, it will reach the support area by evening today.

In the daily chart, the BTC price created a bullish engulfing candlestick on January 7 and followed it with a bearish candle the next day. January 9 created a bearish candlestick, which failed to close above the opening prices of January 7.

This was a failure to create an evening star pattern, at least in this time-frame. Since the price failed to do so, we expect it to retest the previous breakdown level, as outlined in the previous section, then continue moving upwards.

The weekly chart reveals that the Bitcoin price is barely holding on to the support offered by the 50-week MA and is slightly above the 100-week one.

In order for the long-term bullish outlook to remain intact, the price must reach a weekly close above the $7400-$7600 area, which has intermittently acted as support and resistance. The short-term outlook supports this scenario.

On the other hand, a price close below it would likely take the price towards $6000. At the current time, this does not seem likely.

To conclude, the BTC price broke down below from its ascending support line. We believe it will reach the support area near $7500 and initiate a reversal.

Good luck and happy trading! For our previous analysis, click here.

The post Bitcoin Analysis for 2020-01-10 [Premium Analysis] appeared first on BeInCrypto.

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