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Technical Analysis for BTCUSD for 24th January 2022

Bitcoin Freefalling, Further Losses Towards $30k on the Cards

Nayib Bukele and El Salvador bought the dip last week, amassing another $15 million of BTC.

Past Performance of BTC

The crypto market is on a bear run after the collapse of the second half of last week. Although the trading community is optimistic of Bitcoin's prospects citing fundamental factors, technical candlestick arrangement points to market-wide weakness. Currently, Bitcoin prices have support at the 78.6 percent Fibonacci retracement level of the H2 2021 trade range at around $35k.

Bitcoin Technical Analysis

The BTC price is within a bearish continuation pattern, moving in the direction set in motion by sellers on December 4. Following the break below $40k, BTCUSDT has support at the $35k level mark which flashes with the 78.6 percent Fibonacci level of the H2 2021 trade range, as mentioned earlier. In a defined trend, sellers can unload BTC provided prices are below the $40k mark—a psychological resistance level. The immediate target would be the $30k level of July 2021 lows. Meanwhile, the undervaluation after January 21 and 22 bear bars closed below the lower BB may force BTC higher briefly as market forces find equilibrium.

What to Expect of BTC

Market participants are fearful, as sentiment indicators show. At present, every high below $40k offers entries for Bitcoin sellers targeting $30k—or H2 2021 lows—a critical support line. Meanwhile, a strong bounce above $40k nullifies the downtrend, setting another wave that may see BTC recover towards $50k.

Resistance level to watch: $40k

Support level to watch: $35k and 30k

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

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