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Bitcoin Price Falls Over 4% – Daily Update 20 January
Bitcoin

Bitcoin Price Falls Over 4% – Daily Update 20 January

The bitcoin price fell to $3,550 as all top cryptos experienced losses into Sunday. At the time of writing bitcoin is down over 4 percent on the day, trading at around $3,590. The current price is more or less the price bitcoin was last Sunday if we take a look at the weekly chart.

BTC/USD Price chart courtesy of Tradingview.com

Having been rejected by prior support yesterday and failing to close above previous high $3,680 the price crashed down to support around $3,500 area. This is the area to watch now, a bearish close below could open the door for a drop to the low $3,000’s which many traders predicted last week.

We are still trading the range marked out by notable crypto trader DonAlt last week. As he suggested back then the key support of $3,380 is the one to watch before becoming bearish and resistance at $3,700 before becoming bullish. It’s worth noting that the resistance of $3,700 was broken yesterday, but price failed to hold. Patience and waiting for the right time to enter a trade is probably the best policy at this time.

The downtrend remains intact, and we’re stuck in a daily range between $3,700 and $3,500. A breakout below $3,500 would likely lead us to test the major support at $3,150.

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