FX.co - BTC analysis for January 12,.2021 - Potential for the another downside swing towards $30.420

12 January 2021 at 1:18PM (UTC+0)

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BTC analysis for January 12,.2021 - Potential for the another downside swing towards $30.420

Analyzing the current trading chart of BTC, I found that there is potential for the downside continuation and end of the upward correction.

My advice is to watch for selling opportunities with the potential downside target at the price of $30,420.

Important pivot resistance level is set at $36,500.

Stochastic is near the 50 level on the 4H time-frame but overbought on the hourly, which is sign that there is another downside leg.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for January 12,.2021 - Potential for the another downside swing towards $30.420