In the last four years, Bitcoin (BTC) has continued its losing streak in the month of January. The Bitcoin price may repeat the losing streak during 2019’s January too. However, there are clear signals that a trend reversal will be in place this year in January.
How Bitcoin Price Performed during January in the Last 4 Years?
Bitcoin price trend in the last 4 years are given below:
- In January 2015, Bitcoin fell by 32%
- In January 2016, Bitcoin fell by 14.6%
- In January 2017, Bitcoin fell by 0.10%
- In January 2018, Bitcoin fell by 26.64%
The recent price movement of BTC indicates that the downward price trend will be repeated this January too. Last week BTC price against the US Dollar fell by 13%. It signaled that the corrective bounce has ended from the December 2018 low of US$3,122. A bearish view of the Bitcoin market in January 2019 is in place, thanks to the downward sloping 10-week SMA (Simple Moving Average). This bearish outlook has been reinforced by the recent sell-off. In fact, a downturn towards the US$3,122 level in the coming few weeks can’t be ruled out completely.
Can there be a Bitcoin Price’s January Trend Reversal this Year?
There could be a trend reversal this January if Bitcoin price successfully closes above the 21-day moving average (MA) at US$3,768. If this level is breached then a short-term bullish trend can be witnessed.
In January 2015, there was a price drop of around 32%, ending a 4-year long January winning streak. Therefore, a 4-year trend reversal historical record is already there in place. Bitcoin (BTC) is currently trading at US$3,717.5, which is almost 3% up from the monthly opening price of US$3,689. Hence, there are enough signals of a trend reversal during January 2019.
Today’s Bitcoin price analysis shows that BTC price is currently consolidating losses above the key support level at US$3,560. A short term contracting triangle can be seen with resistance at US$3,625. Currently, the Bitcoin price is trading at US$3,717.5, which is above the key levels. Now, it needs to be seen whether the Bitcoin price can successfully move above the 21-day moving average (MA) at US$3,768 level. If this level is successfully breached then it can be convincingly said that the Bitcoin price is going to witness a 4-year long trend-reversal in 2019.
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