2019-1-22 18:29 |
Bitcoin Daily Chart – Source: Tradingview.com
Bitcoin had a brief drop below the support level at $3476 today to form a new low near $3400.
Price quickly recovered back above the support level showing a rejection of prices below $3476 by traders and had since been recording more bullish movements.
Yesterday’s daily candle recorded a Doji. A Doji candle is a candle where the open and the close is around the same point and shows some uncertainty from traders.
Today’s candle is recording an increase after the brief drop earlier.
The next resistance level to monitor if the price can continue to increase from here is $3684.
Bitcoin Hourly Chart – Source: Tradingview.comThe hourly chart of Bitcoin shows today’s price action in closer detail.
Price had been consolidating around $3525 and met support a number of times as price dropped down to test $3476
Over the space of an hour, the price drop to form a new low at $3401 and also recovered to $3542.
Price has continued to increase and currently trades around $3564.
Price may be now meeting some resistance at $3575 which is a point where buyer liquidity came into play during the bearish drop which took place on Sunday.
While the price was consolidating yesterday, it also tested this level a number of times but retraced each time.
Key Takeaways: Price had a brief drop today below $3476 but quickly recovered showing a rejection of these levels by traders. Yesterday’s candle formed a Doji showing some indecision from the side of traders. Price has been recording bullish movements since the drop, but resistance seems to be coming into play at $3575. Latest Bitcoin News:Bitcoin [BTC] Price Analysis: Bear Flag Forming for Bitcoin
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