We just looked at Bitcoin short-term, BTCUSD 1H, and we are seeing some resistance around the 26-Jan. high... What does the daily chart has to say?
Bitcoin Daily | The Same Barrier Holds
We have Bitcoin trading within a steep declining channel.
We are all waiting for a bottom to be drawn, for a reversal to take place but so far not much has happened.
We can see a strong reversal candle 24-Jan. but we have low volume and a very weak RSI.
The candle 26-Jan. also negates the candle from the 24th.
Yesterday Bitcoin managed to close above EMA10 ($38,037) but today this level is still working as a barrier, only after this level is conquered we can see prices move up.
Today we are looking at both scenarios on the main chart above, bearish and bullish but don't be surprised if prices drop.
We have a long-term bullish trend but on the short and medium term, the bears are in full control.