BTCUSD Daily Update - 1/23/21
Quick update on the BTCUSD, looking at the 4H time frame, it has found a potential support level along $30,838. At the moment it really looks like it is painting a bearish picture, but I believe that even if it dumps it is not going back and touching the previous all time high price. The lowest I see BTC going is about $28,377 - $27,771 level, maybe $25,536 touching this channel.
However this is the bearish side of the coin. The bullish sign is this potential support bottomed at $30,838 and is going to reverse from here. BTC couldn’t close under $30,838 and this is the start of the uptrend created bringing the price up to $41,337 (local high)
Other coins like ETH look like they’re going to reverse, or BTC could consolidate for a while around $30,838 - $34,484 and trade in this range while altcoins catch up in market cap and regain their previous all time high prices made in 2017.
Either way BTC is trading in no man’s land right now and playing trades using leverage is very risky. I’d wait for a clear indication of reversal in either direction.
However this is the bearish side of the coin. The bullish sign is this potential support bottomed at $30,838 and is going to reverse from here. BTC couldn’t close under $30,838 and this is the start of the uptrend created bringing the price up to $41,337 (local high)
Other coins like ETH look like they’re going to reverse, or BTC could consolidate for a while around $30,838 - $34,484 and trade in this range while altcoins catch up in market cap and regain their previous all time high prices made in 2017.
Either way BTC is trading in no man’s land right now and playing trades using leverage is very risky. I’d wait for a clear indication of reversal in either direction.
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