Here is some obvious observations from the BTCUSD 1 day chart. There is strong support in 43,062 price range and if it breaks it can still hold somewhere near 40,031. Can be rounded to 40,000 as well. If this support breaks, there is a chance for bitcoin to crash. When bitcoin crashes, the whole crypto market will crash. I think if there are no other external factors like Covid or inflation in the economy influencing the price, BTCUSD will bounce back from 43,062. It's next high would be probably around 80,000 or even it can touch 100,000.
Note
Broke the first support on 06-January and consolidated in the given range till 20-JanuaryNote
Broke major support on 21-January. Heading for the next support in 28,000 - 29,000 levels eventhough it is highly unlikely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.