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Bitcoin Daily Trading - Technical Analysis BTC/USDT - 20 Jan 2020

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20 Jan 2020 - Daily Technical analysis for BTC/USD 

PRICE
The price failed to make the necessary gain to push it further higher than $9200
After breaking the upward momentum almost vanished immediately
Price fell again with a bearish engulfing candle
Removing all the entire momentum of the advance of many previous candles. 
This down candle looks serious. But it is not so.

 

 

BTC Daily Trading Analysis

 

 

 

 

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20 Jan 2020 - Daily Technical analysis for BTC/USD
PRICE
The price failed to make the necessary gain to push it further higher than $9200
After breaking the upward momentum almost vanished immediately
Price fell again with a bearish engulfing candle
Removing all the entire momentum of the advance of many previous candles.
This down candle looks serious. But it is not so.
VOLUME
We can look at its volume.
The candle is big, but the volume is not more prominent than the previous columns.
There is not much volume in this candle.
When the uptrend structure is maintained, there is nothing to fear from this candle.
SUPPORT
The price has been supported by a fakey price increase
Is a very good pin bar UP
CONSIDER
- A buy limit at 50% of the length of the pin bar eg. $8590 or Stop Buy $8770
- Stop loss at the bottom of the pin bar eg. $8450
- Expectation of profit taking target $9000 ++

 

 

TRENDS
The overall trend structure is still rising.
There is a Hammer candle - which shows the buying pressure below for BTC
This is also the old retest area of resistance.
May be a sign of resistance turning into support
CONSIDER
Buying BTC low when there is a rising setup.

 

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