2019-1-9 18:44 |
Bitcoin Daily Chart – Source: Tradingview.com
After an attempted rise during yesterday’s price action, Bitcoin retraced and formed a Doji on the daily candle.
A Doji candle is a candle where the open and the close are around the same point.
The price of Bitcoin rose above $4100 before reversing back to around $4000 where it trades now.
The upward move came after other major cryptocurrencies such as Litecoin and Tron recorded significant appreciations.
Today’s daily candle is currently forming a Doji also. These Doji’s are showing consolidation before the next significant move.
Currently, price action is respecting the range which was established at the start of this week.
This is price action meeting resistance at $4075 and meeting support just under the $4000 level around $3975.
Bitcoin 4-Hour Chart – Source: Tradingview.comThe surge which took place on Sunday in Bitcoin failed to surpass the previous price high formed as shown by the red line on the above chart.
The current consolidation taking place indicates an impulse move may take place outside of the range being formed.
If the move occurs to the upside, the key level to monitor is the prior high around $4240. If price can surpass this point, it will form a markedly more bullish pattern.
Key Takeaways: Price is currently consolidating with a Doji forming today and a Doji formed yesterday. These Doji candles are representative of the consolidation currently ongoing and indicate that a significant move outside of the range being formed is likely. The range has been forming from resistance around $4075 to support around $3970. It will be markedly more bullish for the price if it can surpass its prior price high at $4240 in the event that price breaks from the range to the upside. Latest Bitcoin News:Will Bitcoin [BTC] Follow Litecoin’s Lead Again?
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