Far in January, the coin has actually bounced 3 times from this support line over the previous five days. Looking ahead, the first level of resistance now lies at $32,500. Additional resistance lies at $35,000 (upper angle of triangle and the other days high) and $35,800 (bearish.618 Fib).
On the other side, the first level of assistance lies at the short term increasing pattern line at $31,400. Further below lies $28,800 (last weeks low), followed by more support of $26K.
Another Black Monday: Bitcoin dropped by a steep 9% after stopping working to get rid of resistance at $34K– $35. Since writing these lines, the drop recorded a daily low at $31,130 earlier today, according to Bitstamp.
This doesnt take place for the very first time– the main cryptocurrency discovered assistance, supplied by a short-term rising pattern line that dated back to late-December 2020. Since then, BTC had seen a rebound back to the $32K price area, where it is trading as of writing these lines.
Up until now in January, the coin has actually bounced three times from this support line over the past five days. Will it continue to hold? We have yet to see.
Taking a look at the larger photo, Bitcoin cost stays inside the limits of a coming down bearish triangle pattern and has mainly been rangebound between $33,000 and $30,750 over the last 5 days of trading. One of these borders will need to break, on a daily timeframe, to dictate the next direction for Bitcoin.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $31,400, $31,000, $30,760, $30,000, $29,630.
Key Resistance Levels: $32,500, $33,100, $34,000,$ 34,450, $35,000.
Looking ahead, the very first level of resistance now lies at $32,500. This is followed by $33,110 (bearish.382 Fib), $34,000, and $34,450 (bearish.5 Fib). Extra resistance lies at $35,000 (upper angle of triangle and yesterdays high) and $35,800 (bearish.618 Fib).
On the other side, the very first level of support lies at the brief term rising pattern line at $31,400. This is followed by assistance at $31,000– along with todays low, $30,760 (short-term.786 Fib), $30,000 (base of descending triangle), and $29,630. Even more below lies $28,800 (last weeks low), followed by more assistance of $26K.
The day-to-day RSI stays in the bearish area as the buyers fail to develop any momentum since breaking the previous in proportion triangle pattern on January 21st.
Bitstamp BTC/USD Daily Chart
BTC/USD Daily Chart. Source: TradingView
Bitstamp BTC/USD 4-Hour Chart
BTC/USD 4-Hour Chart. Source: TradingViewTitle: Bitcoin Price Analysis: Another Retest, Will Support Break and Push BTC Back To $26,000?
Sourced From: cryptopotato.com/bitcoin-price-analysis-another-retest-will-support-break-and-push-btc-back-to-26000/
Released Date: Tue, 26 Jan 2021 12:56:20 +0000
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