Bitcoin (BTC) Update - Still bearish? - Technical Analysis January 30th

It looks like we are going to continue our bearish trend with BTC for a little longer. Looking at the chart , we've crept under the 55 EMA quite considerably, and you can clearly see that it has acted as resistance previously. We found it very difficult to break above it, and then we came back down pretty quickly after not finding support above it.

So looking at my chart, we are coming to an apex point where the trend lines meet. This could be an important point, as we would love to see BTC break up here and then turn the resistance above into a support. That would also get us up above the 55 EMA, although I'm not betting on this.

Most indicators on the longer time frame charts are still pretty bearish, so I'm expecting to head down a little further before a full reversal of the downtrend. I'm just going to watch this unfold and then make some decisions on my altcoins positions based on what BTC is doing.

In conclusion, even if we break through the triangle formation I have charted, we'll still have to contend with the horizontal support/resistance at $13049. It's been a good support previously, so if we can get above it and turn it into support again, that'll be a really good sign.

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