BTC/USD Calms at $35,000 Resistance Level


Bitcoin Price Prediction – January 23

The Bitcoin price prediction shows that BTC is expected to break out from the current short-term pattern and move towards the $36,000 level.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $40,000, $42,000, $44,000

Support Levels: $30,000, $28,000, $26,000

BTCUSD – Daily Chart

BTC/USD is currently trading around $35,269.48 with a 0.58% gain in the past 24-hour. Looking at the daily chart, the Bitcoin price is fighting to stay above the important level of $36,000. More so, for BTC/USD to remain above 35,000 level for the past few hours, it has made many traders feel that the $30,000 support level could be strong.

Bitcoin Price Prediction: BTC Price May Move Sideways

The Bitcoin price touches the daily low of $34,810 today, if the number-one crypto breaks below this level, it could test the next support lines around the lower boundary of the channel. Alternatively, Bitcoin has to reclaim the previous resistance level at $36,000 to head upwards. If successful, the primary cryptocurrency could aim at $37,000, which could be followed by$38,000, and $39,000 resistance levels.

However, the technical indicator Relative Strength Index (14) stays within the oversold region, and this could mean that there may still be a room that could be explored by the bears. Moreover, the critical supports at $30,000, $28,000, and $26,000 may play out.

On the upside, recovery may not come easy. Therefore, traders must be aware that support will have to be sort for above $34,000 while the buyers may keep their mind towards the resistance levels $40,000, $42,000, and $44,000.

BTC/USD Medium – Term Trend: Bearish (4H Chart)

On the 4-hour chart, the technical indicator Relative Strength Index (14) keeps moving below 25-level and this supports the option of some bearish movement. Meanwhile, adding to the above, there is a little bit of bearish divergence on the Relative Strength Index (14) as the signal line is likely to face the south.

BTCUSD – 4 Hour Chart

However, if the Bitcoin price breaks below the lower boundary of the channel, the market price may likely reach the support at $32,000 and below. On the contrary, if the current market value rises above the 9-day moving average, it may likely reach the resistance at $38,000 and above.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Source link

You might also like
Leave A Reply

Your email address will not be published.