Analytics

Bitcoin Support Turned Resistance Since It Dropped to $28.5K- Jan. 22nd

Bitcoin price is dropped over 15% and it broke many supports near $32,000 against the US Dollar. It even traded close to $28.5K in the Early Morning. It seems that long-term cryptocurrency holders (holding time greater than 200 days) have already appeared to trade impulse.

In terms of the percentage point, the price range of $27,000 to $41,900 is an active trading area for BTC investors. And BTC dropped from $41,900 to around $30,000, a drop of 28%. It can be seen that more chips have been locked in high prices, which is a relatively dangerous signal. The premise of pulling BTC is to get rid of those who are stuck at the high prices. As a medium-term price adjustment trend, BTC is still moving forward in the near term.

BTC is trading below $31.5K at the time of writing. The key resistance is near the $32,000 level. If bitcoin fails to recover above $32,000, there is a risk of another decline. An initial support on the downside is near the $30,000 level. 

One-hour Chart Technical Indicators:

The MACD is slowly gaining momentum in the bearish zone. The RSI is now well above the 40 level. The major support levels are $30,000, followed by $29,000. The major resistance levels are $32,000, $32,500 and $33,000.

Tips: Quotes are time-sensitive, and please pay attention to take good risk control and make good use of “Take-profit” and “Stop-loss”.

The technical analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.