Bitcoin tests the channel’s resistance – Analysis - 25-01-2018

Bitcoin price showed positive trades yesterday to test the bullish channel’s resistance that appears on the above chart, located now at 11685.00, as the EMA50 meets this level to add more strength to it, accompanied by witnessing clear overbought signals through stochastic.

Therefore, these factors encourage us to suggest the bearish bias in the upcoming sessions, and the targets begin by breaking 10748.00 level to confirm opening the way to head towards 8643.00, taking into consideration that breaching 11685.00 will stop the expected decline and lead the price to achieve positive targets that begin at 12852.65.

Expected trading range for today is between 10000.00 support and 12500.00 resistance

Expected trend for today: Bearish