FX.co ★ BTC analysis for 01.29.2020 - Watch for potential downside opportuntiies and few swing pivots to form around median line

Industry news:

The trading volume of the Bitcoin options being traded on the Intercontinental Exchange (ICE)-owned trading platform Bakkt has dropped to zero over the past week, one month after the product was launched.

According to data from the ICE's website, the last day where its Bitcoin options were traded was January 17, when 20 contracts were traded. Since then, no trades have been taking place. Bakkt's bitcoin options contracts were launched last month, and are regulated by the Commodity Futures Trading Commission (CFTC).

Technical analysis:

As I alerted you yesterday, BTC did rotate around Pitchfork median line at $9.300. I do expect few pivot swings to form around median line.

Stochastic oscillator is showing overbought condition and bearish divergence, which is sign that buying looks risky and that sellers may use that fast to establish sell positions.

MACD oscillator is showing decrease on the upside momentum, which is sign of the weak buying.

Resistance levels are set at the price of $9.430 and $9.550

Support levels and downward targets are set at the price of $9.111, $8.970 and $9.790.