Bitcoin Price was continuously fluctuating within 12800 to 14500 zone while forming another double bottom reversal pattern. Thus, offers attractive buying opportunities for long-term investors. Here is the 12-14 January Bitcoin Technical Prediction.
12 January, AtoZForex – The Bitcoin or BTCUSD is currently trading within the range bound zone of 12,800 to 14,500 since the past few days. In the last 1 Week, the Bitcoin price dropped by US$ -2,865.36 (-17.44%) with a total volume of over US$ 12.51B. Also, the sharp price recovery indicates that the market has digested the South Korean Exchange Ban and likely to attract buyers. But, Is this the right time to buy BTC for trading point of view?
Bitcoin, or BTCUSD 1 month chart
12-14 January Bitcoin Technical Prediction
According to the chart, a three outside candlestick pattern has formed in the 5H timeframe. This pattern is a more reliable addition to the standard Engulfing pattern. A Bearish Engulfing pattern takes place in the first two candles. The third candle is a black one with a lower close than the second candle. Thus, the third candlestick confirms the bearish trend reversal on the 5 hours timeframe.
Still, the broad consolidation that was formed above the 10700 low is a higher low and the formation of "head and shoulder pattern", that is generally bullish. These markets continue to grow, fundamentals are generally strong. But on the downside, there might be a chance of small correction is the Bitcoin price can't able to sustain 61.8 % Fibo. retracement zone i.e. US$ 13,257 and dip towards 11,300 which is the next support level.
Bitcoin BTCUSD chart
On the upside, if the BTCUSD price breaks 38.2% Fibo. retr. zone then the next level i.e US$ 16,500- 17,500 could be easily attainable. Thus, the traders should wait for another bullish turn or the price to reach 14,500 level again.
The relative strength index(14) value is below 50 which means Bitcoin is Neutral.
The CCI(14) valued at -79.48 which signify selling signal.
The MACD(12,26) – buying signal in weekly charts.
Moreover, according to ATR(14), the BTCUSD pair is Highly volatile.
The Bitcoin has major support near $12,280 level and resistance near $14,600 level.
BTCUSD Pivot Points
What do you think of the 12-14 January Bitcoin Technical Prediction? Let us know in the comment box below.