Bitcoin price analysis, 7 January 2019
We could see some channeling here or another spike/drop. Could we have a push to the $4160 level, or could we have a drop back to the $3800 level? Only time will tell. What do you think?
By Ezio Van Horst
We’re still seeing a slight retracement from yesterday’s high of $4027.21 holding slightly above $3900 on Binance. In yesterday’s post I mentioned some minor markers above the $4000 level that we are looking at, and if you look at some past posts, you will see I have mentioned breaking out and holding above the $4160 level. Our sentiments are the same from last night’s post. This appears to be a strong test at this level and/or could still be a setup for a dump. I am showing the bitcoin price charts from 30M all the way through to the daily.
What will happen next?
Currently BTC volume has doubled over that of ETH, and the higher time frames are still looking slightly bullish. However, the MACD Bands are still pretty tight on the 12H and closing tighter on the daily. The RSI is slightly above the 50 level on the daily, with it slightly under the 70 level on the 2H, 4H, and 6H charts on Binance. We could see some channeling here or another spike/drop. Could we have a push to the $4160 level, or could we have a drop back to the $3800 level? Only time will tell. What do you think?
Bitcoin price charts for 7 January
Here we’re looking at the Daily 01/07/19 BTC / bitcoin charts at 07:34 and 07:35 AM PST, looking at the MACD and RSI Indicators:
We’ll close today by looking at the 30M, 1H, 2H, 4H, 6H, and 12H 01/07/19 BTC / bitcoin price charts at 07:37, 07:39, 07:40, 07:41, 07:42, 07:43, and 07:49 AM PST, looking at the MACD and RSI Indicators:
About the author: Ezio Van Horst is the owner of Alt Trading Systems. ATS provides a blend of advanced technical trading and integrated emerging technologies. Van Horst shares his price analyses on LinkedIn.