Bitcoin Price Analysis for January 31, 2018 - Another Bearish Wave

in bitcoin •  9 months ago

Bitcoin price has been falling throughout the past 48 hours. After scoring a high of $11,250, BTC price fell down to a low of $9,860 on Tuesday’s. The market's bears managed to pull price downwards to break through the 50% Fibonacci retracement around $10,941, which represented a crucial support level throughout the past couple of weeks.

Will the current downwards trend continue pushing bitcoin price to even lower levels?

The support at the 50% Fibonacci retracement has been breached:

Let’s examine the 1 day BTCUSD chart from Bitfinex. We will keep the Fibonacci retracement we plotted during our previous weekly bitcoin price analysis, while executing the 50 period SMA (green curve on the below chart), the Williams Alligator indicator, and the MACD indicator as shown on the below chart. We can note the following:

BTC 31.1.1.PNG

snap.PNG

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Yeah I agree looks like we are going down to 7500-8000 I think that is conservative. Maybe 6000-6500

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