FX.co ★ BTC analysis for 01.20.2020 - Important pivot level at the price of $8.440 is on the test, watch carefuly price action around it...

Industry news:

Block.one, the firm that developed the EOS.IO software, won't be using the public EOC mainnet to launch its cryptocurrency-powered social media platform Voice.

According to the company's frequently asked questions page, Voice will instead be using a "purpose-made EOSIO blockchain." In time, the page adds, it hopes Voice will "leverage the EOS Public Blockchain."

Technical analysis:

BTC has been trading downwards. As we expected, the price tested the level of $8.440. I found that the level of $8.440 is critical pivot level for BTC and further direction.

In case of the downside breakout of $8.440, watch for selling opportunities on the rallies with the main target at $7.725.

In case of the rejection of the pivot $8.440, watch for buying on the dips with the main target at $9.000.

MACD oscillator is still showing positive reading above the zero.

Resistance level is seen at the price of $9.000

Main support pivots are set at $8.440 and $7.725