Bitcoin (BTC) Price Analysis for January 18

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

Top coins by CoinMarketCap


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

Image by TradingView

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.

Image by TradingView

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.

Image by TradingView

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.

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