Bitcoin Price Prediction – January 8
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $47,000, $49,000
Support Levels: $37,000, $35,000, $33,000
BTC/USD is now showing heavy negative signals after touching the daily high of $42,237 today. The Bitcoin price fail to make any ground towards the upper boundary of the channel. Therefore, the coin is dropping heavily with a loss of 1.68% within the 24 hours of trading as it touches the daily low of $40,505.
The daily chart reveals that the Bitcoin price continues to develop some signs of weakness since the past few days. Therefore, the resistance provided during the European session continues to fail each time it attempts to break, and close above the channel. However, the market price remains bearish as the signal line of the Relative Strength Index (14) moves into the oversold region.
In the meantime, the Bitcoin price needs to break the $43,000 resistance to make the market bullish in nature. But, if the sellers push the market price beneath the support at $40,000, the next level of support could lie at $38,000. Wherefore, beneath this, additional supports could be found at $37,000, $35,000, and $33,000 respectively.
Moreover, should in case the bulls regroup and push higher, the Bitcoin price could hit the potential resistance levels at $45,000, $47,000, and $49,000.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, BTC/USD is trending in a downward channel formation. During the European session today, the Bitcoin (BTC) touches the high of $42,200 before retreating to where it is currently changing hands at $41,067. Further bearish movement could locate the support level at $39,500 and below.
However, the technical indicator Relative Strength Index (14) is recovering from the oversold region, now moving above 30-level. However, the Bitcoin price is rising towards the 9-day MA; further bullish movements could push the price to the potential resistance level at $42,500 and above.
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