Technical Analysis for BTCUSD for 21st January 2022
Bitcoin Crashing, BTC Prices Could Reach $30k in Bear Continuation
Nayib Bukele made history when he made Bitcoin legal tender in El Salvador. The latest news indicates that his administration is exploring offering BTC-backed loans for small businesses.
Past Performance of BTC
The Bitcoin price has nonetheless been shredded--glancing at the daily chart. After a week dominated by aggressive sellers, BTCUSDT found support on January 20 only to tumble in the early Asian session. The coin is now trading below $39k in a bear breakout formation.
Bitcoin Technical Analysis
The Bitcoin price is dropping hard when writing. Even after fleeting support on January 20, sharp losses on early January 21 now swings the price action to favor sellers. Notably, the BTC dump now means the coin is within a bear breakout formation, trending outside the initial $5k zone of $40k and $45k. Following this high volume and wide-ranging break, traders may find shorting opportunities, trading with the main trend to set sight on $30k.
What to Expect of BTC
The path of least resistance is southwards. Trading in a bear breakout pattern with markedly high trading volumes, BTCUSDT is dropping fast, dashing traders’ hopes.
Resistance level to watch: $40k
Support level to watch: $30k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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