You may find this 31 January BTCUSD Technical Outlook very engaging as it gives the latest trends and forecasts. It also includes the Bitcoin to Dollar chart. Read on.
31 January, HotForex – It could just be a final day of the month thing, but with BTCUSD trading below $10,000 again today it looks more like an evolving trend. The break below $15,000 and the Bollinger band Midline back on January 8 was the start of the move and with increasing noise of regulation, coin thefts and exchange shutdowns the Gap on the Daily chart is looking to be filled.
The news flow continues to weigh too. Facebook announced yesterday that they will ban all adverts for any digital currencies, initial coin offerings (ICOs) warning they’re “frequently associated with misleading or deceptive promotional practices.”
The South Korean authorities have unearthed illegal cryptocurrency trading worth nearly $600 million but pulled back from banning trading altogether. They are focusing rapidly on regulation, the finance minister said earlier that “there is no intention to ban or suppress cryptocurrency…..Regulating exchanges is the government’s immediate task,”
31 January BTCUSD Technical Outlook
Four of the last eight trading days BTCUSD has tested under $10,000 and the 100-day EMA. The gap at $9,500 – $8300 from November beckons, with the next major support at the 200-day moving average at $7,400.
Conversely, January has always been a poor month in the short life of Bitcoin and the $10,000 zone is proving much more of a support level than it did as a resistance level, however, for now, the bias and momentum remains to the downside.
This article about 31 January BTCUSD Technical Outlook was written by Stuart Cowell, Market Analyst at HotForex. The provided article is a general marketing communication for information purposes only. It does not constitute an independent investment research. Nothing in this communication contains an investment advice or an investment recommendation. It also does not contain a solicitation for the purpose of buying or selling of any financial instrument.
All information provided gathered from reputable sources. Any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. We assume no liability for any loss arising from any investment made based on the information provided in this communication.