This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 5th January 2022

Bitcoin Shaky, Bulls Fail to Overcome Resistance at $50k



Melania Trump, the former first lady of the United States, is Bitcoin-aware. In a tweet, she marked the 11th anniversary of the most valuable network.

Crypto-tough India launches the first index to track the price of Bitcoin and other digital assets.


Past Performance of BTC

The Bitcoin price is within a tight trade range capped at $45.5k on the lower end and around $48.8k on the upper side. Although BTC traders are bullish, the failure of buyers to rewind losses of late December calls into question the strength of the uptrend. Glancing at the BTCUSDT price action alignment in the daily chart, bears appear stronger.


Bitcoin Technical Analysis

From the daily chart, BTCUSDT prices are within a tight trade range in a distribution. The failure of bulls to break above $48.8k points to weakness, affirming bears when price action is analyzed from an effort-versus-result perspective. Note that BTC prices are still within the December 28 and 29 bear bars, a negative formation. Even so, a close above $49k may rejuvenate buyers, driving the coin to $53k—a key reaction point. On the flip side, losses below $45.5k and last week's lows may trigger a sell-off, forcing the coin towards $40k.


What to Expect

From the development in the daily chart, price action favors bears, and the probability of the upside remains low. Nonetheless, buyers are hopeful. Their confidence will only be confirmed if there is a high volume close above $50k. If not, BTCUSDT may slump to $40k, as mentioned earlier.

Resistance level to watch: $48.8k

Support level to watch: $45.5k


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020