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1/22/2016 3:36:52 AM

BTC/USD pressured lower - Technical Analysis - 22-01-2016



BTC/USD tried rising in the short term trading, settling above the support of 385.92, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the medium term (from 198.12 to 502.00), till the pair was halted by the resistance of the SMA for the last 50 days period, while relative power indicators have reached overbought levels, forcing the pair to bounce lower eventually.

Therefore we expect the pair to slip in the coming trading, especially if the support of 385.92 is breached, settling below it, and targeting thereafter the support of 350.06, representing the ratio 50% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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