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08.01.202000:22 Forex Analysis & Reviews: Bitcoin challenges important resistance area

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Bitcoin remains inside the downward sloping long-term wedge pattern. Price has recently bounced strongly from $6,870 to today's $8,190. Price has reached very important technical resistance levels and breaking above them would be an important bullish signal.

Exchange Rates 08.01.2020 analysis

Red lines- wedge pattern

BTCUSD is bouncing strongly towards resistance at $8,400 area. A rejection here could lead to a decline back towards $6,000 and lower. So bulls need to be very cautious. Recapturing $8,400 is important but bulls will need to keep supporting price in order to hold it above $8,000. Otherwise there will be danger of more weakness following.

Alexandros Yfantis
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