The first weeks of the new year are marked by the stabilization of the bitcoin price in the price region of 14,000 USD. Therefore, we can describe the current situation as a side trend. Currently, Actually we should wait for breaking one of the limitations of the mentioned consolidation, which should consequently indicate a further direction.

Picture 1. Technical analysis, bitcoin, M30,10.1.2018

In the case of breaking the lower limit, which is located around 12800 USD, we should witness a deepening of the last correction, at least to the nearest support level located in the price region of 11,000 USD.

Picture 2. Technical analysis, bitcoin, H4,10.01.2018

The implementation of a more likely upward scenario assumes a breakout of the 16,400 USD top limitation, what’s opening the way for an attack on recent historic peaks located just below the important $ 19,000 barrier.

Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.

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