Bitcoin price analysis 6 February 2019
Since the $3380 dip and retracement we’ve seen some tests below $3400 but not with any strength yet. If a further dip and hold below this $3400 support zone happens, we could see it push down and set new 2019 lows.
So we’ve finally seen major movement outside of the channeling that we’ve been stuck in for awhile now. Overall volume has increased the last 24 hours and we saw a major bitcoin price dip yesterday afternoon starting at 4:00 PM PST setting a new 24H low of $3380 with a retracement back to the $3400 support zone.
Looking at the 12H & Daily charts we have continued tight MACD lines, with RSI hovering around the 40 level and the Stochastic RSI crossing and dipping.
Will the $3400 support zone hold?
Since the $3380 dip and retracement we’ve seen some tests below $3400 but not with any strength yet. If a further dip and hold below this $3400 support zone happens, we could see it push down and set new 2019 lows. That $3400 support zone has been strong. The remainder of this week will be interesting to see if we have new channeling here or a further dip pushing towards new lows.
I just wanted to give another big thanks to Alon Goren, Henry Elder, Amy Y. Wan, and Marc Boiron. The Security Token AMA Webinar yesterday was awesome with a wealth of information. Thanks guys! The push for mass adoption continues on!
A look at the bitcoin price charts
Here we’re looking at the 30M and daily 02/05/19 and 02/06/19 BTC / bitcoin price charts at 15:17, 16:28, 16:30, and 17:43 PM PST, and 06:42, 09:40, 09:41, 10:03, and 10:06 AM PST, using MACD, MA, and Stochastic RSI Indicators: