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.
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