The price of Bitcoin today, Wednesday, January 31, 2018 in real time is BTC 10,241.07 (334.02 3.37%), reporting a price of $ 10,232 and a drop of 7.66% at the time of writing this analysis.
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Definitely today's outlook is bearish, for those who have wanted to buy BTC and save in local purse or Exhangers this can be a good opportunity because they can buy cheap, keep in mind that this recommendation is for purchase and not trading.
Important aspects of the Bitcoin price
The price of Bitcoin broke below its short-term triangular consolidation pattern, with an eye on channel support at $ 6,000.
The chart pattern ranges from $ 9,000 to $ 13,000 so the resulting breakdown could be the same height.
The technical indicators are giving mixed signals, so it is difficult to know what is the next Bitcoin price from here.
The Bitcoin price seems to be ready for another wave as the price broke below a short-term consolidation pattern.
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Important technical indicators
The 100 SMA is below the 200 SMA in the longer term, so the path of least resistance is to the downside. In other words, it is more likely that the mass sale will resume than vice versa. Also the gap between moving averages is widening to reflect a stronger bearish momentum.
RSI is still heading south, which means that the price of bitcoin could follow the same path. However, the oscillator is approaching oversold levels to reflect depletion among sellers. The stochastic is already reflecting oversold conditions and seems to be ready to go higher, possibly attracting buyers back into the mix.
IMPORTANT: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything!
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