BTC Price Tech Analysis for 29/01/2024 – Gathering Bearish Energy?

BTC Price Tech Analysis for 29/01/2024 – Gathering Bearish Energy?

THELOGICALINDIAN - Bitcoin Price Key Highlights

Bitcoin amount afresh fabricated a downside breach of a concise balanced triangle alliance pattern, advertence that bears are demography control.

Before blame for added declines, a alteration from the blemish move ability booty place, as sellers are agog on entering at bigger levels.

A bottomward trend band can be fatigued to affix the contempo highs of bitcoin amount activity and the Fibonacci retracement apparatus suggests abeyant access levels.

Bitcoin amount appears to be authoritative a alteration from the contempo downside break, accouterment an befalling for added bears to access at college levels.

Nearby Resistance Levels


Potential attrition can be begin at the concise bottomward trend line, which is appropriate about the $385 level. This coincides with the 61.8% Fibonacci retracement level, which ability be able abundant to accumulate added assets in check.

The 100 SMA is additionally abutting to this falling trend band and is beneath the longer-term 200 SMA, acknowledging that the aisle of atomic attrition is to the downside. A breach aloft these activating articulation points, however, could appearance that a changeabout is in adjustment and that an uptrend ability be underway.

Meanwhile, the 38.2% Fibonacci retracement akin curve up with the above abutment about $375-380, which ability additionally authority as an breadth of interest. This arena could accommodate a lot of advertise orders, possibly blame bitcoin amount aback on its bottomward trajectory.

Technical Indicators

Both academic and RSI are advertence oversold conditions, which agency that bears are demography it accessible from here, possibly acceptance a bit of profit-taking to ensue. This supports the achievability of a alteration to the concise Fibonacci retracement levels while sellers accumulate added steam.

However, a able auto in affairs burden could advance to an upside breach accomplished the trend band and affective averages, appropriate about $395-400. In that case, bitcoin amount could assemblage up to the abutting attrition at $465 again aback up to the antecedent year highs at $500.

Recent bazaar developments, however, advance stronger appeal for the US dollar. After all, the FOMC hasn’t wavered from its abbreviating bias, although it has bidding some amount of affair apropos the arrest in the all-around economy.

In any case, the US dollar could break acerb accurate adjoin added assets like bitcoin, accustomed the risk-off banking affect and the connected advance in the US economy. While the US bill aloof aloft seeing beat abiding appurtenances orders abstracts yesterday, the FOMC charcoal the best advancing above axial bank, which is abundant to abutment the dollar’s safe-haven status.

With that, the aisle of atomic attrition for bitcoin amount is to the downside, alike as baby corrections accept been demography abode attributable to bazaar volatility.

Intraday abutment akin – $365

Intraday attrition akin – $400

Technical Indicators Settings:

100 SMA and 200 SMA

RSI (14)

Stochastic (8, 3, 3)

Charts from Bitstamp, address of TradingView