BTC analysis for 01.13.2020 - Watch for potential drop on the BTC and second downside leg to develop

Industry news:
As the Bitcoin price hovers around $8,100, having gone up over 12% in the year-to-date period, there is one question on the minds of many investors/traders: will today's launch by the CME Group of options on Bitcoin futures help the BTC price climb even higher?

According to data from CryptoCompare, Bitcoin is currently trading around $8,100, most unchanged over the weekend, but up 12.62% in the year-to-date (YTD) period:

On 12 November 2019, CME Group ("CME"), which owns "large derivatives, options and futures exchanges in Chicago and New York City using its CME Globex trading platforms", announced options on its Bitcoin futures contracts would be launching ("pending regulatory review") on 13 January 2020.


Technical analysis:
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BTC has been trading sideways around the resistance at the price of $8.100. I still potential second downside leg to develop and test of the $7.710-$7.440.

MACD oscillator is showing positive reading with the slow line in flat position...

Resistance levels are seen at the price of $8.200 and $8.440

Support levels and downward targets are set at the price of $7.710, $7.440 and $7.000. Watch for selling opportunities...




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Performed by Petar Jacimovic
Analytical expert
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