Jump to content

Bitcoin (BTC) Tests Multi-Week Support


Recommended Posts

Bitcoin (BTC) Chart and Analysis

  • Bitcoin (BTC) sitting on support.

 

Bitcoin BTC • eWallet-Optimizer

A fairly lackluster Christmas and New Year’s trade for most cryptocurrency traders with heavyweights Bitcoin and Ethereum both below pre-Christmas levels. While Ethereum has bounced back after slumping into oversold territory, Bitcoin remains around $1k above an important area of support. The short-term outlook for Ethereum remains mixed with support reasonably solid around $3.5k, while a cluster of old highs and lows between $4,032 and $4,176 look set to act as firm resistance.

ETHEREUM (ETH/USDT) DAILY PRICE CHART – JANUARY 4, 2022

Bitcoin (BTC) Tests Multi-Week Support, Fantom (FTM) and Near Protocol (NEAR) Rally Further

Bitcoin’s choppy sideways pattern looks set to continue although support is coming under pressure. This one-month range between $42.4k and $52.1k now remains key to the next move, with a confirmed break of support opening the way to a cluster of prior lows just above $40k, while a break of resistance opens the way back to just under $53k.

BITCOIN (BTC/USDT) DAILY PRICE CHART – JANUARY 4, 2022

Bitcoin (BTC) Tests Multi-Week Support, Fantom (FTM) and Near Protocol (NEAR) Rally Further

All Charts via Trading View.

What is your view on Bitcoin – bullish or bearish?

 

Jan 4, 2022 |  Nick Cawley, Strategist  |  DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...