Bitcoin Continues Consolidating as Bulls Struggle to Spark a Breakout- Jan. 19th

According to analysts at Bexplus, bitcoin is facing a strong resistance level of $38,000. Bitcoin price got a better start from the day of the morning and keep running above $36K, which give people some confidence that it is not giving up the bull. However, BTC could decline again if it cannot stabilize above the $36,000 support zone. 

It slightly touched $37,514.41 and trading above $37K at the time of writing. BTC is struggling to gain bullish momentum above $37,500 and $37,800 against the US Dollar. To start a fresh surge in the near future, bitcoin must clear the $38,000 resistance.

One-hour Chart Technical Indicators:

The MACD is slowly gaining momentum in the bullish zone. The RSI(Relative Strength Index) is now well above the 50 level. The major support levels are $36,500, followed by $36,100. The major resistance levels are $37,250, $37,800 and $38,000.

Tips: Quotes are time-sensitive, and please pay attention to take good risk control and make good use of “Take-profit” and “Stop-loss”.

The technical analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal.