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Technical Analysis for BTCUSD for 20th January 2022

Bitcoin Finds Strength, is BTCUSDT Ready for a Leg Up to $45k?

Over 300 banks in the U.S. will support the buying of Bitcoin facilitated by NYDIG—a New York-based company that's aiming to release new high-tech crypto-based financial products.

Past Performance of BTC

Bitcoin remains under pressure but with some encouraging developments. After printing lower lows for the better part of the week, there could be hope for bulls. BTC prices are relatively strong, rejecting lower prices reading from the January 19 bear candlestick. Still, Bitcoin bulls will only dominate above the $5k zone BTCUSDT prices are currently trending in.

Bitcoin Technical Analysis

The path of least resistance is southwards following the unrelenting selling pressure of the past two months. However, there are indicators of strength. If BTC prices turn the tide, printing above $43k, bulls could drive it above the middle BB towards $45k in a buy trend continuation pattern. On the reverse side, there could be more entries for sellers should bears press lower, sliding below $40k, confirming losses of early this week. In that setup, BTC prices may end up dropping to $30k—dashing bulls' hopes.

What to Expect of BTC

The wide-ranging bear bar of December 4 still defines the BTCUSDT price action. The only way bulls can shake this is by unwinding losses and breaking above $53.5k in the medium term. Building blocks for that climb could be presented once BTC edges above $45k—around last week's highs—and the middle BB. If not, BTC could disintegrate to $30k from an effort-versus-results perspective.

Resistance level to watch: $45k

Support level to watch: $40k

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

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