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Bitcoin Daily Trading - Technical Analysis BTC/USDT - 23 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

 

 https://www.tradingview.com/chart/BTCUSDT/Gpuaxqv4-23-Jan-2020-Daily-Technical-analysis-for-BTC-USD/

 

 

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23 Jan 2020 - Daily Technical analysis for BTC/USD

PRICE
BTC price is exhausted - in uptrend.
It seems that no one wants to buy and bet to buy at higher prices
Current prices BTC is the highest that buyers can accept.
And when nobody wants to buy, there will only be people who want to sell.
When the asset is exhausted and creates the possibility of a reversal.

The mainstream is still inclined to rise.
The accumulation area around 8450 - 8750 has not been clearly cleared.
Yesterday's breakthrough failed (8800)
Recent fluctuations narrowing compared to previous movements.

VOLUME
The volume is also decreasing, indicating that the volatility is "compressed".
Can expect a strong wave of volatility is coming

SUPPORT
When the asset is exhausted and creates the possibility of a reversal.
Check the support, 8450 and 8100
If move upwards, price will go to the zone of 9000 again.


CONSIDER
Proceed to move SL to breakeven to protect USDT in case of exhaustion
After 3 pushes of pin bar, fakey and engulfed candles rose, the price can not rise much.
The volume decreases, can see 2 cases:
(1) the price is accumulating, waiting for a break to advance or a reversal to fall
(2) the price has exhausted (indicated by the large downside candle), currently waiting for the opportunity to break down.

In any case, have Stop Loss to preserve USDT.
Waiting for answers from the market.

 

 

 

 

 

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