TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,134,067,258,592	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,134,067,258,592

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-579.41	-0.99%	57,658.32	57,658.36	57,658.37

Price Change

Price Change %

Current Price

Bid Price

Offer

-579.41

-0.99%

57,658.32

57,658.36

57,658.37

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:22:59	0.052031	57,658.33	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:22:59

0.052031

57,658.33

USD

Price x Volume	Volume	Base Symbol	Related Pairs
216,276,792.06	3,760.54	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

216,276,792.06

3,760.54

TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

26/01/2022 3:28am

NEWSBTC

Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move. Bitcoin is trying to clear the $37,500 and $38,000 resistance levels. The price is now trading above $36,500 and the 100 hourly simple moving average. There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady upward move if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Upside Continuation Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone. There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start a steady upward move. The next key resistance is near the $49,200 level, above which the bulls might aim a test of $40,000. Any more gains might send bitcoin towards the $41,200 level. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $38,200, it could start another decline. An immediate support on the downside is near the $36,800 zone. The first major support is seen near the $36,000 zone and the 100 hourly SMA. A downside break below the $36,000 support zone may perhaps start a fresh decline. The next major support is near $35,400, below which the price could revisit $34,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $36,000, followed by $35,400. Major Resistance Levels – $37,400, $38,000 and $38,200.

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