Bitcoin Price Analysis Today January 07 2017
In trading, round number have a certain psychological impact. Yesterday, the bitcoin price broke above the $4000 level and right now it is still managing to remain above it.
Bitcoin price reached $4085 before declining a bit. The next short term resistance is $4100 then the next challenges will be at $4250 and $4500.
I currently have 1 live position at $4000 and 3 bitcoin buy orders at $4130, $4270 and $4530.
The low line of the Donchian channel is still at $37332 but it is about to move up pretty soon. Therefore allowing me to raise my stop loss too.
Most major cryptocurrencies have made a clear move to the upside except for Ripple XRP which is still trading within $0.34-$0.38 range. A Ripple price breakout is imminent.
This is my bitcoin price analysis for today and it is not financial advise.
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Have a great week,