TA: Bitcoin Reaches Key Juncture, Why Recovery Won’t Be Easy

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,235,478,283,728	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,235,478,283,728

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-789.40	-1.24%	62,949.63	62,949.62	62,949.87

Price Change

Price Change %

Current Price

Bid Price

Offer

-789.40

-1.24%

62,949.63

62,949.62

62,949.87

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,900.00	62,445.06	63,748.82	63,739.03	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,900.00

62,445.06

63,748.82

63,739.03

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:24:05	0.005345	62,947.21	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:24:05

0.005345

62,947.21

USD

Price x Volume	Volume	Base Symbol	Related Pairs
194,225,797.25	3,084.00	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

194,225,797.25

3,084.00

TA: Bitcoin Reaches Key Juncture, Why Recovery Won’t Be Easy

19/01/2022 3:08am

NEWSBTC

Bitcoin traded towards $41,200 before recovering against the US Dollar. BTC must clear $42,800 to start a fresh increase in the near term. Bitcoin extended decline and traded below the $42,000 support zone. The price is still trading below $43,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a clear move above the $42,800 resistance. Bitcoin Price Approaches Key Resistance Bitcoin price remained in a negative zone below the $43,000 pivot level. BTC even broke the $42,000 support level and settled below the 100 hourly simple moving average. A low was formed near $41,288 and the price is now correcting higher. There was a move above the $42,000 resistance zone. The price climbed above the 23.6% Fib retracement level of the key drop from the $43,800 swing high to $41,288 low. On the upside, an initial resistance is near the $42,550 level. It is near the 50% Fib retracement level of the key drop from the $43,800 swing high to $41,288 low. The main resistance is now forming near the $42,800 level. There is also a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair. An upside break above the trend line resistance could start a steady increase above $43,000. Source: BTCUSD on TradingView.com The next key resistance is near the $43,500 level. Any more gains may perhaps call for a test of the $44,000 resistance zone. The next major resistance is near the $44,800 level. Fresh Drop in BTC? If bitcoin fails to start a fresh increase above $42,800, it could start a fresh decline. An immediate support on the downside is near the $42,200 zone. The first major support is seen near the $42,000 zone. A downside break below the $42,000 support zone could push the price back towards the $41,200 support zone. The next major support is near $40,500, below which the bears might gain strength. Technical indicators: Hourly MACD – The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level. Major Support Levels – $42,000, followed by $41,200. Major Resistance Levels – $42,550, $42,800 and $43,500.

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