XBTUSD: New Test Expected at $3660

January 18, 2019   Bitcoin

On Thursday, January 17, trading ended with the growth of a pair of XBTUSD. The intraday pattern is V-shaped with a “bullish” body. Another valid point to consider is that the pair has been trading within the price range of January 14th  for consecutive three days already. Consolidation is reminiscent of the outset after the rally on December 28, 2018. The price of eight days was inside the range of $ 392.

If we take the ratio between the pulse waves on December 28 and January 14, then it is 0.62%. If we take the correctional model from 12/28/18 to 1/6/19 as a basis and apply a ratio of 0.618 to it. If the market forms something similar to what we have seen in the above mentioned dates, then we should see the exit upwards around January 19th , with a target price of $ 3,863 (see chart). The goal is relevant until the price is above $ 3525.

After the price rebounds from $ 3,479, a flat should not be here. He points out that there are enough sellers in the market. If buyers are not able to swallow the entire volume, then the rate of Bitcoin through the channel will drop to $ 3365. At the moment, the market is balanced on the clock (the price is on the middle line 55), so I expect a new test of $ 3,660.

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