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Bitcoin (BTC) Price Analysis for January 19
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for January 19 Original Link: Monday is mainly controlled by bears, according to market data.
BTC/USD
The price of Bitcoin (BTC) has fallen by 2.17% since yesterday.
On the hourly chart, the rate of BTC is in the middle of the local channel, between the support at $91,917 and the resistance at $93,632. As most of the daily ATR has passed, there are low chances of seeing sharp moves by tomorrow.
On the longer time frame, none of the sides has seized the initiative yet. The volume remains low, confirming the absence of bulls and bears’ strength.
In this case, sideways trading in the zone of $93,000-$94,000 is the most likely scenario over the next few days.
From the midterm point of view, traders should pay attention to the nearest level at $95,938. Until the price is below that mark, bears are more powerful than bulls, which means one may expect a further correction of BTC.
Bitcoin is trading at $92,901 at press time.