BTC analysis for 01.17.2020 - Bearish divergence on the 4H time-frarrme, selling opporutnities are preferable

Industry news:

It seems that crypto-custody has been kept a secret from institutional investors.

Few things have improved in 2019 as much as the custody of cryptocurrency, and the regulators' attitude towards it. While a Bitcoin Exchange Traded Fund still waits on the doorsteps of the SEC, institutional companies entering the cryptocurrency custody market has grown.

Coinbase snapped up custody provider Xapo, Fidelity entered the crypto-storage space, and the Intercontinental Exchange's digital assets platform Bakkt launched offering both trading and custody. Yet, investors have been kept in the dark.

According to a survey by Bitcoin ETF hopeful Bitwise Asset Management, institutional investors have a crypto-custody problem. The problem, however, is a lack of information, not a lack of solutions.

Technical analysis:

BTC has been trading upside but it found solid supply near the $9.000 level. I found the bearish divergence on the MACD oscillator, which is sign that buyers got exhausted.

Watch for selling opportunities on the rallies with the downward targets at the price of $8.590 and $8.445.

Major resistance is set at the price of $9.000.

Support levels and downward target are set at the price of $8.592 and $8.445.