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Bitcoin Technical Analysis – January-4-2024

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FxNews – The Bitcoin price experienced a significant decline from $45,902 on Wednesday, January 2nd, 2024. This decline occurred while the BTCUSD pair was trading above the $44,300 resistance, and the general sentiment was bullish on Bitcoin’s price.

The digital gold is currently ranging inside the bullish flag. This suggests that Bitcoin’s uptrend may not have ended yet. The RSI indicator signals divergence, indicating that the market might enter a consolidation phase, or the trend might reverse. The trend reversal scenario appears weak because the Bitcoin bears failed to stabilize the price below the pivot area. It seems BTCUSD is consolidating its recent gains.

Bitcoin Technical Analysis - January-4-2024

Bitcoin Technical Analysis – January-4-2024 | 4-hour Chart

Bitcoin Price Forecast for January 4

The current bitcoin price is $43,167. The BTCUSD trend is bullish as long as the pair remains inside the upward channel. The $41,635 deck supports the uptrend. Therefore, the uptrend is likely to continue. In this scenario, the first hurdle is the R1 resistance (the $6,652 mark); if this level is breached, the next bullish target would be the $50,000 psychological level.

On the flip side, for the BTCUSD price downward trajectory from yesterday to continue, the bears must cross below the bullish flag and stabilize the price under the pivot ($41,635 mark). In this case, the bitcoin price might fall to the 38.2% Fibonacci level of the $38,000 mark.

  • 4 January 2024
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