Bitcoin (BTC/USD) Price Loses Valuation
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Bitcoin Price Prediction – January 23
There has been a significant reduction in the BTC/USD market activities as the crypto-economic price loses valuation to the downside spot t trade around $35,696 within the higher value line of $35,841 and a lower point of about $34,906 as of writing. The market’s percentage rate is at 1.42 positives.
BTC/USD Market
Key Levels:
Resistance levels: $37,500, $40,000, $42,500
Support levels: $32,500, $30,500, $27,500
BTC/USD – Daily Chart
The BTC/USD market price loses valuation at the successful breakdown of the $40,000 on January Friday 21 sessions as shown on the daily trading chart. The 14-day SMA indicator is underneath the 50-day SMA indicator. The bearish channel trend lines drew southward, finding variant strategic trading levels around $40,000 as the resistance and $35,500 as the support. The Stochastic Oscillators are in the oversold region closely, seemingly trying to curve their lines back northbound within it. That signifies the probability of getting a rallying motion against the current declining force.
Can long-position takers count upon the rallying possibility motion in the BTC/USD market as the crypto-economic price loses valuation significantly?
As there has been that the BTC/USD market price loses valuation significantly to a lower-trading tune of around $35,000, long-position takers may cautiously count upon a rallying motion possibly to resurface from beneath the value-line for a while. In the process of price reversing against the situation, the price may systemically resume a declining movement to rebuild on a new support trading spot.
On the downside of the technical analysis, the BTC/USD market short-position takers may have to slow down in exerting a position around the $35,000 trading level for a while. That assumption is from the technical reading of the current Stochastic Oscillators positioning in the oversold trading region. The downward momentum to the southbound side now appears, getting exhausted on a gradual mote.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart shows the crypto-economic price loses valuation to trade around the lower bearish channel trend line drew briefly placed a bit past the $35,500 level. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators have crossed their lines northbound a bit, nearing the range of 80. The current formation of variant candlesticks shows an outlook of price convergences a bit over the value line mentioned earlier. The main resistance trading zones remain around the $37,500 and $40,000 levels.
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