In our previous Bitcoin Analysis, It was expected the price will move low but it will remain above the previous low because of rising support forming in 4-hour chart.The price moves exactly according to the expectations and made a low near 9927 zone which is slightly above our expected support area.
I am sharing 4-hour time frame update bitcoin analysis below.
4-Hour Bitcoin Analysis 27th January 2018
I am still expecting, the price could touch its support level again before a bounce and could hit 12800-900 level again which is strong resistance.however if bitcoin breaks and close below the support zone in a daily time frame chart, it will be the indication for more bearish move towards the minimum 6000$ area.
Please have a look at bitcoin 4-hour chart below.i have drawn a possible movement diagram on it.
Bitcoin 4-Hour Price Chart
Bitcoin Support Zone: 9930-9950$
Bitcoin Resistance Zone: 12800-900
Support Break Confirmation Area: 9200-300
Note: We will consider break after the closing of daily candle.
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Mati Ur Rehman
Gold Analyst @ Dailygoldanalysis.com