Bitcoin Price Analysis Today January 16 2019
Bitcoin price is trading once again around $3600.
This has to be an area on significance or an important pivot point.
Bitcoin pivot point is simply the average of the highs and the lows of the previous X trading days.
Indeed we can see that the bitcoin price has been hovering around $3600 for the past 5 days.
At one point it drop below that pivot point by around $115 and the following day it moved back up above it by $115.
Now we are back to the main and the bitcoin price is sitting on the midline of the Donchian channel which amplifies the importance of that level.
This also shows us what to expect for the coming days... a lot of sideways actions with some little impulses.
The chart is clearly not suitable for trend trading right now but this overall flatness is ideal for steady dollar cost averaging.
This is my bitcoin price analysis today and there are many more bitcoin price action to come.
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