$BTC Price Outlook Jan10: Bearish

 

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January 10 2019 07:31 UTC

 

Bitcoin has lost -5.50% or -219.1 USDT in twenty-four hours. In this Thursday Edition find $BTC price action, trend, technicals and more. Or jump right to the Bitcoin $BTC Price Outlook.

 

Price Action

The price of $BTC has fallen over twenty-four hours. The last price at press time is 3767.34 USDT. In Binance moderate volume trading the daily change is -5.50%, or -219.1 USDT:
$BTC Price Change
period % USDT
24 hours -5.50 -219.1
7 days 0.00 0.14000000000033
1 month 6.17 218.85

Trend

trend is DOWN

The Bitcoin daily trend is down. A large concerted dump pushed prices down by over $200 in less than an hour. The bears are putting a damper on the bullish enthusiasm, news and rumours that had buoyed the market in the last few days.

[Trend is "down" when the daily price movement is predominantly downwards.]

Real Time Market Depth

The real time market depth is slightly bearish.

 

[The real time market depth is a fractional representation of the order book, used to assist in determining market direction.]

Chart

Tap / click to zoom:

btc-usdt-binance-six-hour-candles-2019-01-09

 

Remarks

The bull flag continuance heralded by analysts – and the head and shoulders subjective geometric patterning – didn’t hold any water with Asian traders today as they ditched $BTC in droves. The dump ripped apart the $4000 “cushion” the Bitstamp price had retained for some days.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the four hour chart is strongly bearish.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 3876.30
25 day 3703.08
99 day 3844.48

The one hour EMA divergence is steeply bearish.

[EMA is a type of moving average that weights recent price fluctuations more, yielding a better short term signal]

 

Relative Strength Index (RSI)

The Relative Strength Index on the chart is 23.5. This is an oversold state.

Both the one and two hour charts show an oversold RSI state.

[RSI is is a momentum indicator that measures the magnitude of recent price fluctuations to determine an overbought or oversold state]

 

 

Bitcoin $BTC Price Outlook

bearish

  • the Bitcoin $BTC price outlook is bearish
  • if the price finds acceptance at higher levels the major resistance prints at $4006.81 (Jan09)
  • if the price finds acceptance at lower levels the major support prints at $3156.26 (Dec14)
Resistance levels: $4006.81 (Jan09) $4198 (Dec23)

Support levels: $3156.26 (Dec14) $3535 (Dec27), $3675

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its short term analysis time period.

 

Independent Comparison

Comparing our outlook with independent, automated results from Investing.com shows:

Asset: Bitcoin $BTC
Time Period: Daily
Summary: neutral
Moving Averages: strong sell
Technical Indicators: buy

 

Disclosure

The author holds Bitcoin $BTC at the time of writing.

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