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Bitcoin (BTC) Price Analysis for January 19


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Denys Serhiichuk

How great are chances to see rise of Bitcoin (BTC) by end of week?

The correction might not have ended yet, according to the CoinMarketCap ranking.

Top 10 coins by CoinMarketCap


The rate of Bitcoin (BTC) has declined by 3% since yesterday.

BTC/USD chart by TradingView

On the hourly chart, the price of Bitcoin (BTC) is trading in a narrow range between the support at $20,694 and the resistance at $20,865. If the daily bar closes near the upper line, the breakout may lead to the growth of $21,000 tomorrow.

BTC/USD chart by TradingView

On the daily time frame, the situation is less positive as the price is located closer to the support than to the resistance, which means that bears are more powerful than bulls at the moment.

Thus, the rate is below the psychological mark of $21,000, confirming sellers’ power. In this case, the more likely scenario is the breakout of the support at $20,549, followed by a decrease to the $20,000 zone.

BTC/USD chart by TradingView

On the weekly chart, the price of Bitcoin (BTC) has made a false breakout of the recent local peak at $21,247. If buyers cannot restore the initiative by the end of the week and the rate remains below $21,000, the correction may continue to the 19,500-$20,000 zone.

Bitcoin is trading at $20,804 at press time.


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