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Bitcoin (BTC) price analysis 05/01/2020



Bitcoin we have today receding in a pullback that has given up to $ 9,057, has finally entered a correction after exceeding $ 9,300 yesterday. It is currently trying to maintain the $ 8,800 but it seems that we will go to another bearish movement if it fails to position itself above $ 9,000.

Take a look at how I am trying to break the resistance at $ 8,950 but it quickly retreated, it is now very likely that we will have another downside move from current levels mainly to $ 8,628 where we have the next major support.

Currently there are two key points in the price before a correction, such as R2 and R1, these are at $ 8,618 and $ 8,030 respectively. A correction to these levels seems a bit long, but it is what could happen if the price is not positioned above $ 9,000 again.

Clearly there is a lot of euphoria in the market, so we can still see upward movements, but these increasingly become more risky to take, so a technical correction in the price would be ideal.


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