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Bitcoin Price Analysis: Rejected at January 19 high

Bitcoin Price Analysis: Rejected at January 19 high

Bitcoin is falling quick, having didn’t penetrate the resistance of the January 19 high of $9,188 a couple of minutes in the past.

The hottest digital foreign money shortly retreated to $eight,939 after going through rejection at $9,188 and is now buying and selling at $9,000 on Bitstamp.

1H chart

The earlier hourly candle carried a protracted higher shadow. That alongside aspect RSI’s bearish divergence is warning of ebbing bullish momentum and hinting a flip decrease could also be forward.

The cryptocurrency seems to be set to check the double prime help at $eight,929. A violation there’ll possible speed up the pullback and shift the main target to help at $eight,793 and $eight,726, which is the 50-hour common.

A robust bounce from there may yield a re-test of $9,000, above which bulls might goal $9,188.

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