FX.co ★ BTC analysis for 01.24.2020 - Important pivot-resistance level is set at the price of $8.470

Industry news:

Countries continue to move forward in the cryptocurrency market with new intentions of issuing central bank digital currencies (CBDCs). Japan, one of the richest countries in the world is analysing the effects that a local digital currency would have on the economy.

One of the lawmakers from the Liberal Democratic Party, Norihiro Nakayama, the first step would be to look into the idea of creating the so-called digital yen. Mr. Nakayama is also a parliamentary vice-minister for foreign affairs.

Technical analysis:

BItcoin has been trading sideways at the price of $8.400. The price is near very important pivot-resistance at the $8.470. Watch for price action around this pivot to confirm further direction.

The rejection of resistance may confirm further downside continuation and the downward targets at $8.090 and $7.683.

The stronger breakout of the resistance at $8.470 cam confirms re-test of the $8.780.

MACD oscillator is showing positive reading above the zero...

Major resistance is set at the price of $8.470

Support levels and downward targets are set at the price of $8.090 and $7.683.