Bitcoin [BTC]: Price Fails to Overcome Resistance

2019-1-16 18:24

Bitcoin Daily Chart – Source: Tradingview.com

Bitcoin got off to a strong start to the week with an early surge on Monday.

Price failed to follow up on this surge and met resistance at $3684 which was an important prior point of support.

With price having retraced from the $3684 resistance level, Monday’s surge looks to have formed a lower high and the possibility of a move to support at last weeks low at $3476 has increased.

If the price moves below $3476, there are no key support levels between that level and the 2018 low around $3122.

Bitcoin Hourly Chart – Source: Tradingview.com

The shorter-term hourly Bitcoin chart has more bullish looking movement.

Despite price dropping from $3684, it has managed to rise since forming some higher highs and higher lows.

Price has also managed to rise back above $3612 after failing on the first test.

$3612 acted as support when price initially fell below $3684.

Price consolidate from here between $3612 and $3684 until a more clear market direction is determined.

Key Takeaways: The surge which took place on Monday failed to overcome resistance at $3684. Despite falling back from the $3684 resistance level, the price has since begun to rise and has managed to overcome resistance at $3612. The longer-term timeframe is forming more bearish with the surge coming to a stop forming a lower high. Latest Bitcoin News:

Bitcoin [BTC]: Bullish Start to the Week for the Cryptocurrency Market Leader

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DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin [BTC]: Price Fails to Overcome Resistance was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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resistance price bitcoin surge fails monday 3684

Источник: blokt.com

resistance price → Результатов: 126


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