BTC/USD analysis January 21

21.01.2019 09:36:52

On Monday, Bitcoin is trading around $3,500. Bitcoin lost almost 4% of its value, within 24 hours, and resumed its decline, which began on 10th January. The market seems to pay attention only to negative news.

Meanwhile, analysts point out that the volume of Bitcoin intraday transactions has returned to the level of October 2017 (this was a period of a powerful rally on the crypto market). Although the percentage of SegWit transactions has not changed in the last six months, LighteningNetwork activity is gaining momentum. These factors make experts believe that the market has reached a lower limit (“bottom”) before the revitalization phase, which will begin in the near future.

Yesterday, the price of Bitcoin reached its lowest level in 2019, $3,543, after which it rebounded to a level above $3,500. Since growth has stopped, the sale may resume later during the day. If the price falls below the $3,480 level, then it may well reach $3,400.

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Parabolic SAR shows the strengths of bulls, forming the spots below the price candles. 

Relative Strength Index indicates that the price has escaped from the oversold zone, so we can expect the attempts to grow today.