Bitcoin fails in the $ 40K range after several attempts

Bitcoin fails in the $ 40K range after several attempts

In the Bitcoin market, this currently looks like a preparation for another $ 40K attempt, but it won’t be easy.


18 Jan 2021 , 11:57 @ CRYPTOSCARFACE

Bitcoin fails in the $ 40K range after several attempts

In the Bitcoin market, this currently looks like a preparation for another $ 40K attempt, but it won’t be easy.

Since our last analysis, when Bitcoin lost more than $ 10K in a short time due to a correction, BTC immediately got to its feet and returned to $ 40K. Bitcoin has once again shown that it can recover quickly, and investors used this dump to buy in the support area for $ 30K.

So after the first attempts in the $ 40K area, we witnessed also a second bull wave this month, but Bitcoin still didn’t have that much strength and the bears bounced him out of the $ 40K area.

However, we are currently seeing one strong bullish sign, which is the acquisition of $ 35K resistance in its favor, and it looks like this zone will be a valid support before another $ 40K attempt.

In case Bitcoin falls below $ 35K, it is possible that it will face another dump towards $ 30K and possibly lower.

What else does technical analysis tell us?

  • Strong resistance at $ 40K
  • Important support in the area of ​​$ 28K – $ 30K
  • New support at $ 35K
  • Another confirmed support at $ 22.5K
  • Key support at $ 19.5K

Read also: Miami plans to allow its citizens to pay city taxes in Bitcoin

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