Bitcoin price analysis today (January 8, 2019)

The cryptocurrency market is still indecisive as bulls and bears continue to fight for control.

Trader Big Cheds recently tweeted that the bull is 'working hard' to keep the $ 6,000 level. Meanwhile, BTC is trading at $ 6,307 at press time.

Bear has tried several times to push prices lower today, but they have yet to succeed.

According to trader Cred, if the price of BTC breaks below $ 6k again, it will most likely continue the downtrend, and he thinks that BTC will be stuck in the previous day's range.

“Activate a sell order at $ 6700.

There is a stop at $ 5970 just below + 3R. Exit the order cautiously, based on H1.

If the gray box breaks, I would expect the price to continue lower and trade back within the intraday range. ”

Bitcoin technical analysis

Last week, Bitcoin started to adjust up after it formed a pretty good support base above $ 4,000. BTC price has momentum above $ 4,500 and traded above the $ 5,000 resistance.

Bull was able to push prices above the $ 5,500 resistance. As a result, there was a sharp upward move above $ 6,000. However, the rally faced a major hurdle near the $ 7,000 level and the simple moving average SMA 100 (4 hours).

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A swing high is formed near $ 6,979 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recovery wave from a low of $ 4,328 to a high of $ 6,979.

On the other hand, Bitcoin is looking for strong bids near $ 5,800. The Fib 50% retracement of the recovery wave from a low of $ 4,328 to $ 6,979 also plays a supporting role.

On the upside, the bull is facing a major hurdle near $ 6,800 and the 100 SMA (4 hours). There is also an important downtrend line forming with resistance near $ 6,680 on the 4-hour chart of the BTC / USD pair.

Bitcoin price chart. According to TradingView
Bitcoin price chart. According to TradingView

If BTC gains momentum above the trend line, $ 100 SMA and $ 6,800, it is highly likely that there will be strong gains for $ 7,500 and $ 7,800 in the near future.

Major support for Bitcoin is forming near the $ 5,800 level. The next major support is near the $ 5,200 level and the uptrend trend line connects on the same chart.

If the price breaks below the support of $ 5,200, it can resume the downtrend. By then, the price will probably return to the support levels of $ 4,500 and $ 4,200.

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