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January 17, 2022
Analysis

Bitcoin Price Starts Corrective Decrease, Can Bulls Protect Losses

Bitcoin prolonged improve above the $44,000 stage towards the US Dollar. BTC is correcting losses, nevertheless it would possibly discover help close to the $42,000 help zone.

  • Bitcoin climbed additional larger above $44,000 earlier than it confronted sellers.
  • The price is buying and selling close to $42,750 and the 100 hourly easy transferring common.
  • There was a break under a key bullish pattern line with help close to $43,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is correcting beneficial properties, however dips may very well be restricted under the $42,000 stage.

Bitcoin Price Corrects Gains

Bitcoin price prolonged improve above the $43,200 resistance zone. BTC even spiked above the $44,000 stage on two events earlier than the bears took a stand.

A excessive was fashioned close to $44,420 and the price is now correcting decrease. There was a transfer under the 23.6% Fib retracement stage of the important thing improve from the $39,660 swing low to $44,420 excessive. Besides, there was a break under a key bullish pattern line with help close to $43,250 on the hourly chart of the BTC/USD pair.

Bitcoin price is now buying and selling close to $42,750 and the 100 hourly easy transferring common. On the upside, an preliminary resistance is close to the $43,000 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to the $43,200 stage. A transparent transfer above the $43,200 stage would possibly ship the price in direction of the $44,000 resistance. Any extra beneficial properties might maybe name for a check of the $44,400 resistance zone. The subsequent main resistance is close to the $45,500 stage, the place the bears would possibly seem.

More Losses in BTC?

If bitcoin fails to start out a contemporary improve above $43,200, it may proceed to maneuver down. An speedy help on the draw back is close to the $42,500 zone. The first main help is seen close to the $42,000 zone.

The 50% Fib retracement stage of the important thing improve from the $39,660 swing low to $44,420 excessive can be close to the $42,000 stage. A draw back break under the $42,000 help zone could lead on the price in direction of the $41,500 stage. Any extra losses would possibly push the price in direction of the $40,500 help zone within the coming classes.

Technical indicators:

Hourly MACD – The MACD is slowly dropping tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 stage.

Major Support Levels – $42,500, adopted by $42,000.

Major Resistance Levels – $43,200, $44,000 and $44,400.

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