Bitcoin price attempts to recover – Analysis - 15-01-2019

Bitcoin price traded positively yesterday and breached the broken neckline of the double top pattern, but it faces solid resistance formed by the EMA50 now at 3700.00, accompanied by witnessing clear overbought signals through stochastic.

Therefore, we believe that the chances are valid to rebound bearishly and resume the expected bearish trend for the upcoming period, which its next target located at 3110.00, while holding below 3920.00 represents the most important condition to continue the expected decline.

Expected trading range for today is between 3100.00 support and 3920.00 resistance

Expected trend for today: Bearish