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Technical Analysis for BTCUSD for 19th January 2022

Bitcoin Sellers Relentless, is $40k the Last Stand for Bulls?

Intel will present a new energy-efficient Bitcoin mining rig at the upcoming ISSCC conference. This news is less than 48 hours after the network's hash rate climbed to new all-time highs above 209 EH/s.

Past Performance of BTC

The BTC price continues to dump, retracing from last week's highs as sellers step up. In a defined downtrend, the path of least resistance is southwards, favoring determined sellers. When writing, the Bitcoin price is down 40 percent from November 2021 peaks firmly pinned down as bulls' hopes fizzle.

Bitcoin Technical Analysis

From the candlestick arrangement in the daily chart, it is apparent that sellers are in the driving seat. Although traders are optimistic, bulls stand a chance only if they clear $46k in the short term. However, given how strong the downtrend is, that prospect is a long shot. Presently, sellers are firmly in charge, and aggressive traders can unload on pullbacks, riding the trend. Their immediate target would be around $40k, flashing with January 2022 lows. On the brighter side, the tide could change for the better if bulls flow back to arrest the sell-off, steadying prices inside the roughly $5k zone. In that case, momentum could build for an encouraging push above $45k and $46.5k. If not, BTC may tumble to reach $30k—July 2021 lows.

What to Expect of BTC

There are higher highs relative to the lower BB following gains in mid-January 2022. While positive, losses below $40k could see BTC sell-off in a wave that may push the coin to $30k—or worse. On the flip side, rejection of lower lows may steady BTCUSDT, even guiding the coin back above $50k.

Resistance level to watch: $45k

Support level to watch: $40k

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

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