Skip to content Bitcoin Technical Analysis – January-4-2024
FxNews—On Wednesday, January 2nd, 2024, The Bitcoin price experienced a significant decline from $45,902. This decline occurred while the BTCUSD pair traded above the $44,300 resistance, and the general sentiment was bullish on Bitcoin’s price.
Bitcoin Technical Analysis – January-4-2024
The digital gold is currently ranging inside the bullish flag, suggesting that Bitcoin’s uptrend may not have ended yet. The RSI indicator signals divergence, indicating that the market might enter a consolidation phase or 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 | 4-hour Chart
The Bullish Scenario
The BTCUSD trend is bullish as long as the pair remains inside the upward channel. The $41,635 deck supports the uptrend, so it 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.
The Bearish Scenario
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 $38,000.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
