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Price predictions

BTCUSD: trend line breakout

10 Jan 2019   #Bitcoin

On Wednesday, Bitcoin has risen to dollar by a symbolicprice of $ 5.5. During the day, trading took place in a narrow range of $ 3959- $ 4045. After the rate fell from $ 4,130 to $ 3,945 (-4.47%), the flat lasted until the next collapse for 38 hours.

If on January 6, the rally coincided with the closing of trading in Europe (17:00 UTC), then today the price fell from the opening of the European session (red vertical bar). There was no news behind the rise and fall.

After the breakdown of two significant supports (at $ 3,981 - this is the bottom line of the channel and $ 3,857 - this is a trend line), the fall accelerated to $ 3,736. On Sunday, January 6, the volume for an hour was $ 307 million with a delta + $ 60 million dollars. There were more purchases than sales. Today there was a bitcoin sale. For an hour, the volume amounted to $ 368 million, delta - minus $ 111 million. Delta on a fall was more than on growth on January 6.

Why did the fall stop at $ 3,736 for bitcoin?

On Sunday, January 6, after an hourly rally, the correction lasted 33 hours. Price adjusted to 50% of the candle range. After today's fall, we can expect a similar correction of 50% within 30 or 33 hours. Landmarks are all conditional. Sellers need to push the area around $ 3,700 and the downward movement to $ 3,430 will resume. If it does not stand, then the bearish trend to $ 3,200 for Bitcoin will resume with new force. 

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