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Bitcoin weakness set to continue

23/01/2019

Bitcoin (BTCUSD) is once again looking likely to punish believers in what was only 13 months ago the hottest investment in the markets. The pattern of failing to rally to previous highs before again falling away that we have been documenting for many months looks set to continue with short-term resistance at $3630-50, and medium-term resistance around the $4100 level. A test of the $3200 support level continues to look far more likely than any breach of the resistance levels mentioned above. A close below $3000 will continue to test the faith (and wallets) of the Crypto believers.  Since the end of 2017 rollercoaster Bitcoin has now been in a 54 week downtrend – albeit one with some lively swings – but a downtrend nonetheless. At this stage Bitcoin bulls have little left but hope, which is rarely a sound basis for investment.

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