Lower Bitcoin Prices Incoming? [Bitcoin Price Update 1/29/2018]

Bitcoin continues teetering near $11,250, and there's a downside bias heading into Monday.

Bitcoin made an attempt on Sunday to break out above the daily 89 SMA (simple moving average), but failed. Since first trading below the 89 SMA on 1/16/2018, the Bitcoin price has not been able to retake the 89 SMA. While the daily MACD (moving average convergence divergence) crossover looks ready to support a move higher, the price hasn't responded with a move higher.

The 4-hour chart tells a similar tale. The price attempted to break above the 89 SMA, but couldn't hang on. Bitcoin now trades below the 89 SMA and below the 34 EMA (exponential moving average). The 4-hour MACD indicator is rolling over.

Price is king, and price action will tell us when Bitcoin is ready to resume its bullish trend. That time is not now, and lower prices can be expected into Monday.

DISCLAIMER
This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. You will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives.