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22.01.201916:05 Forex Analysis & Reviews: BITCOIN Analysis for January 22, 2019

Long-term review

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Bitcoin has been correcting itself between the corrective price range between $3,500 and $3,600 which recently rejected off the $3,500 support area with strong bullish momentum. The price is currently moving higher towards the Kumo resistance area where the 200 EMA is also holding as dynamic resistance. After the bearish rejection below $3,500, BTC is extending strength above this level amid bullish pressure. A daily close above $3,600 and Kumo Cloud resistance is expected to reinforce upward momentum. As the price remains above $3,000 area with a daily close, the bullish bias is expected to continue further with a target towards $4,000 in the coming days.

SUPPORT: 3,000, 3,500

RESISTANCE: 3,600, 4,000

BIAS: BULLISH

MOMENTUM: VOLATILE

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