Bitcoin downside paused January 18, 2019

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Bitcoin has changed little today and seems undecided right now. It has reached potential dynamic support, but it remains to see how it will react in the upcoming days.

I’ve told you in the previous weeks that the rate could still reach the 350% Fibonacci line of the ascending pitchfork. I want to remind you that a valid breakdown will send the rate at least till the 3215.2 former low. Support can be found at the 2980.4 as well, a valid breakdown below it will send the rate towards the downside 50% Fibonacci line of the descending pitchfork.

I’ve told you in the previous reports that we may have another bullish momentum only if the rate will fail to reach the 3215.2 and the 2980.4 static levels or if we’ll have a false breakdown. A bullish momentum could come also if the rate will drop, but it will fail to reach and retest the 50% Fibonacci line of the descending pitchfork.

I’ve told you in the previous reports that the rate is somehow expected to breakdown through the 350% Fibonacci line if it will reach it. It could still drop as long as it stays away from the median line (ml) of the descending pitchfork, it could make a valid breakout above it only if it will reach it. A further drop will force the crypto market to drop further as well.

 

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