The Bitcoin’s price remained well above 3,600 USD. The cryptocurrency is stable during the weekend registering minimal changes. The Bitcoin started recovery and moved above the resistance levels of 3,550 USD and 3,600 USD.
There was also a break above the key level of 3,620 USD. The buyers pushed the price above the 50% Fibo adjustment level on the last decrease from 3,725 USD to 3,443 USD. However, the upward movement was limited by the resistance of 3,650 USD and the 100-day SMA. As a result, the price has fallen below the level of 3,600 USD.
Bitcoin fell after reached 3,673 USD and fell below 3,575 USD during the day, but then recovered to a level of 3,600 USD. There is a 61.8% Fibo retracement test of the last wave from 3,443 USD to 3,673 USD.
More importantly, there is a large upside down channel formed with $ 3,650 resistance on the Bitcoin 4-hour chart. If there is a breakthrough under the channel support and 3,500 USD, the price can test 3,480 USD. Under the maintenance of the 3,480 USD range, the price can move to a bearish zone to 3,200 USD.
Bitcoin’s price seems to be struggling to gain traction above 3,600 USD and 3,650 USD.
Longest bearish sentiment in Bitcoin’s history
If the price of Bitcoin remains below 16,000 USD, which is 20% less than its highest value from 20,000 USD, until February 2, it will suffer the longest bearish market in its ten-year history.
In traditional markets, the 20% drop from a record high value is considered a bearish market. Since January 2018, Bitcoin is in a bearish market and has failed to recover above the key levels of resistance and has experienced an intensive 12-month sell-off.
Since November 2018, the price of Bitcoin dropped from over 6,000 USD to the middle of 3,000 USD. At its lowest level, the Bitcoin dropped by more than 47% within two months, recording one of the steepest short-term declines in recent years.
According to the analysts within one week, assuming that the Bitcoin price would remain in a narrow range between 3,500 USD and 4,000 USD, the cryptocurrency will set a new record for correction.
On February 2nd, we’re likely to break the record for the longest Bitcoin Correction – 410 days (from November 2013 to the lowest price in January 2015). You will soon be able to say that you have survived the longest bear market in Bitcoin history.
In the short-term, traders typically see the price trend of Bitcoin climbing upwards.
Withdrawal of the Bitcoin ETF
On January 24, it was reported that after the withdrawal of the offer of CBOE and VanEck, the price of the dominant cryptocurrency barely shifted.
The stability of the Bitcoin after the long-awaited event showed the lack of commercial activity and overall interest in the market.
Analysts expect the price of Bitcoin to remain stable at low ranges in the first two quarters of 2019, Bitcoin is about to make a new record for the longest bearish market in its history that exceeds the current record by at least five to six months.
Ethereum price analysis
Ethereum is traded at 115 USD. Last week, the price of the cryptocurrency formed worthy support close to 112 USD and 114 USD. Ethereum started recovery and moved above the resistance levels of 116 USD and 117 USD.
There was also a breakthrough above the 23.6% Fibo adjustment rate from the last drop from 126 USD to 111 USD. However, the recovery was limited by the resistance levels of 119 USD and 120 USD. As a result, there was a new drop and the price soon repeated a test of the support level of 112 USD.
On the upside, there is a strong resistance close to the levels of 116 USD and 117 USD. There is also a trend line, formed by the resistance of 116 USD on the 4-hour chart.
Above the trend line, the next resistance is close to the level of 119 USD. This is the 50% Fibo correction level since the last drop from 126 USD to 111 USD. Finally, 100-day SMA is positioned near the 120 USD level, to act as a major obstacle. Therefore, in order to gain momentum, the price should break the resistance levels of 116 USD, 117 USD and 120 USD.