It’s been a few days now since Bitcoin made its big move and bitcoin price has been consolidating at around $46,000 to $48,000. While 2021 predictions for $100,000 has been failed. Bitcoin Currently trading at $46,300 and is down 1.34% within last 24 hours, Let’s Find out what’s up with Bitcoin Price in January 2022.
Bitcoin Closed below 200 Daily Moving Average.
This is a super critical area for Bitcoin as 200 Day Moving average as it is one of the Main Indicators to predict the market trend with support and resistance.
So far Bitcoin has lost this support level for the 6th consecutive days as seen in the chart below, right now Bitcoin Must Reclaim this 200D MA Support to Continue uptrend otherwise Bitcoin Might soon See $40,000 Support Levels.
Brown Line Represents 200 Day MA and Yellow Line Represents 100Day MA, Both are critical for Bitcoin Support and resistance levels.
Bitcoin is Holding This TrendLine
As Bitcoin Seem to Lose support at 200 Day MA, We still have this one of the important Trendline which is currently Holding as support level at around $45,000 to $45,700 as seen in the chart below
While many analysts Predict that it could be a Head and shoulders pattern which may lead the bitcoin price to go down but nonetheless the Major Trendline is still holding which is actually Bullish For Bitcoin Price.
RSI – Neither Bearish Nor Bullish
Bitcoin Relative Strength Index is Currently at around 40.14 on a 1 Day Chart and seems nuetral for the time being and other factors may play major role in upcoming price momentum in either Upwards or Downwards
Conclusion
Bitcoin has lost 200 Day Moving Average and Currently Sitting at major Support trend line which must hold for the Bitcoin Price to Break Out and reach around $53,000 in the short term otherwise if Bitcoin Does not Hold the trendline, Price may lead to Around $40,000.
Disclaimer
This Article is meant for Educational purposes only. Cryptonks.com does not provide Financial Advice and Will not Be responsible for any Profits Or Losses. Viewers are Requested to DYOR Before Investing in any Cryptocurrency.
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