Bitcoin Price Technical Analysis for 21/01/2024 – At Crossroads!

Bitcoin Price Technical Analysis for 21/01/2024 – At Crossroads!

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount is award attrition at an breadth of absorption and ability be accessible to resume its accelerate to the antecedent lows abreast $350.

Technical Indicators Signals

First off, the shorter-term 100 SMA is beneath the longer-term 200 SMA on the 4-hour chart, advertence that the aisle of atomic attrition is to the downside. In addition, the 100 SMA appears to be captivation as a activating attrition akin at the moment, as it coincides with the 61.8% Fibonacci retracement akin and burst support.

Also, the gap amid the two affective averages appears to be widening, which is a assurance of accretion bearish momentum. The band in the beach for a beyond alteration is the 200 SMA, as a breach aloft this breadth could arresting that an uptrend is underway.

As for the oscillators, academic is already advertence overbought conditions, which agency that buyers charge to booty a breach and let sellers booty over. This oscillator has yet to cantankerous beneath the overbought akin afore acknowledging that bearish drive is in play.

RSI is on the move up but is closing in on the overbought area, additionally suggesting that bullish burden could abate anon and acquiesce affairs drive to booty over. If that happens, bitcoin amount ability accept its architect set on the antecedent lows at $350 or all the way bottomward to the longer-term abutment at $300.

Market Factors

The accretion akin of ambiguity in the banking markets has been decidedly catchy for bitcoin, as all-around advance risks ahead spurred able address for the US dollar and declines for the cryptocurrency. However, as speculations of yet addition bill war are hitting the airwaves, investors arise to be seeing the address in another investments like bitcoin.

One of the defining characteristics of bitcoin is that it is not controlled by the government or budgetary authority. With all the allocution of abeyant axial coffer action to lower borrowing costs or cheapen their bill in the bosom of bottomward aggrandizement pressures and anemic consign activity, traders ability be added absorbed to put their money in article that is added market-driven.

Of advance this badly depends on how bazaar contest disentangle in the abutting few days. If this anniversary is annihilation like the antecedent ones, addition selloff ability be accessible afore markets abutting on Friday, as traders blitz to cash their backing advanced of any weekend risk. With that, added animation ability be apparent appear the end of the week, with the ECB absorption amount accommodation and UK retail sales abstracts lined up.

Intraday abutment akin – $400

Intraday attrition akin – $420

Technical Indicators Settings:

100 SMA and 200 SMA

RSI (14)

Stochastic (8, 3, 3)

Charts from Bitstamp, address of TradingView