Bitcoin technical analysis. BTC-USD on January 29, 2019

January 29, 2019

If we consider the possibility of a positive scenario for Bitcoin, then we can be in the lower part of the market cycle and we see the formation of a downward wedge, a pattern that indicates the possibility of further upward movement. Now we can observe a false breakdown (bear trap), but it is worth noting support areas that can hold the price well, and a further rebound can overrun the test of the upper edge of the wedge, the breakdown of which will allow the market to move higher up to the main resistance now. This scenario may take a longer time than the graph shows, but the potential to rebound to the Fibonacci levels of 0.618 and 0.786 remains in force and should not be neglected. Since most of the “crowd” is waiting for a drain, the market maker can expand the market without this drain, it is always worth remembering that very often the scenario of which is least expected. There may still be a few months of uncertain price fluctuations, but in the long run, Bitcoin shows very good potential.

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