This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 27th January 2022

Bitcoin Struggling, will BTCUSDT Hold above $35k?

A few days after meeting El Salvador's President Nayib Bukele, Turkey's President has issued new instructions to explore cryptocurrencies.

Past Performance of BTC

Bitcoin prices are flaccid, moving within a tight trade range below the $40k mark. Overall, there are indications of bear exhaustion with the odds of BTC recovering in the sessions ahead. However, Bitcoin sellers are still in command from a top-down perspective reading from the candlestick arrangement in the daily chart.

Bitcoin Technical Analysis

There is an encouraging series of higher highs relative to the lower BB clear in the daily chart. Although Bitcoin bulls are hopeful, prices could slump below $35k if early Asian session sellers step up. Ideally, a close above $40k, rewinding losses of January 21, may be the foundation for a leg up as Bitcoin turns the tide against sellers. If not, a break below $35k, as mentioned earlier, will signal trend continuation that may see BTC plunge to $30k.

What to Expect of BTC

The path of least resistance is southwards despite flickers of hope posted early this week. Technically, there will be a reprieve for optimistic buyers above $40k. It will be a long shot considering the strong selling momentum and the rejection of higher prices earlier on January 27.

Resistance level to watch: $40k

Support level to watch: $35k

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