Bitcoin (BTC) Price Analysis for January 18

The correcion continues on the cryptocurrenyc market, according to the CoinMarkateCap ranking.

BTC/USD

The price of Bitcoin (BTC) has fallen by 0.10% over the last 24 hours.

On the hourly chart, the rate of BTC has made a false breakout of the local support level of $42,344. If the daily bar closes far from it, the growth may lead to the test of the $42,700 area tomorrow.

On the bigger time frame, one should focus on the interim level of $42,000. If it breaks out, the accumulated energy might be enough for a further drop to the $40,000-$41,000 zone soon.

On the weekly chart, the price of BTC is closer to the support than to the resistance, which means that sellers are trying to seize the midterm initiative.

If the candle closes below $41,200, one can expect a test of $40,181 next week.

Source