FX.co ★ Bitcoin analysis for January 04, 2019

Trading recommendations:

According to the 30M time - frame, I found that BTC rejected from the Fibonacci retracement 38% ($3.778), which is a sign that sellers are in contol. In my opinion that sellers are setting the tone which is proved by the ADX reading above the 25. The short – term trend is bearish and my advice is to watch for selling opportunities. The downward targets are set at the price of $3.645 and at the price of $3.541.

Support/Resistance

$3.780 – Intraday resistance

$3.712– Intraday support

$3.645 – Objective target 1

$3.540 – Objective target 2

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