BTC UPDATE
Daily Market Overview and Thoughts: January 21
4H TF:
Bitcoin bounced off the suggested reversal zone at $105,500, but its growth was halted by seller pressure around $108,000. Following the absence of any mention of cryptocurrencies during Trump’s inauguration, a market correction began.
The asset reached $100,340. The RSI line dropped below the EMA 21 and is approaching the 50 level. A further drop below 50 would signal the potential for another bearish impulse in Bitcoin.
I anticipate a bounce at the $99,500 support level, after which Bitcoin is likely to trade sideways between this level and the lower boundary of the trading channel, i.e., within the $99,500–$104,500 range. In the short term, the asset could dip to $98,200 before re-entering the channel.
Once Bitcoin secures a position above the $105,500 trading level, the likelihood of achieving a new all-time high will increase significantly.
We can long with a stop loss directly below the POC at $97,400.
Daily Market Overview and Thoughts: January 21
4H TF:
Bitcoin bounced off the suggested reversal zone at $105,500, but its growth was halted by seller pressure around $108,000. Following the absence of any mention of cryptocurrencies during Trump’s inauguration, a market correction began.
The asset reached $100,340. The RSI line dropped below the EMA 21 and is approaching the 50 level. A further drop below 50 would signal the potential for another bearish impulse in Bitcoin.
I anticipate a bounce at the $99,500 support level, after which Bitcoin is likely to trade sideways between this level and the lower boundary of the trading channel, i.e., within the $99,500–$104,500 range. In the short term, the asset could dip to $98,200 before re-entering the channel.
Once Bitcoin secures a position above the $105,500 trading level, the likelihood of achieving a new all-time high will increase significantly.
We can long with a stop loss directly below the POC at $97,400.
