Hello, traders! If you’re searching for reliable crypto market signals, you’ve found the perfect destination. We’re excited to share our latest BTC/USD analysis with you. Let’s jump right into the insights without wasting any time!
BTCUSD Technical Analysis/Insight for Jan 14, 2024 by Guriforex:
Bitcoin (BTCUSD) is exhibiting promising signs of a rebound within a descending channel on the 4-hour timeframe. The price recently bounced off the lower boundary of the channel, gaining upward momentum and breaking through a key resistance level. This movement has set the stage for further bullish possibilities.
📈 Current BTCUSD Market Overview
Bitcoin’s price action remains confined within a descending channel structure, signaling a consolidation phase with intermittent bearish and bullish movements. After testing the lower boundary near $91,876, the price has shown strength by rebounding upward and breaching the initial resistance level at $97,000.
The breakout above this resistance indicates a shift in market sentiment, with buyers stepping in to regain control. A potential retracement back to the broken resistance-turned-support zone could serve as a launchpad for further gains.
📊 Key Levels to Watch:
- Immediate Support: $97,000 (recently broken resistance line)
- Major Support: $91,876 (channel’s lower boundary)
- Next Resistance: $99,000
- Major Target: $102,347 (upper channel boundary and a psychological level)
📉 BTCUSD Possible Scenarios Analysis:
1️⃣ Bullish Scenario:
If BTC/USD holds above $97,000, the price is likely to continue its upward trajectory, with $99,000 as the next target. A breakout above $99,000 could pave the way for Bitcoin to test the $102,347 resistance zone, marking the upper channel boundary.
2️⃣ Bearish Scenario:
Failure to sustain above $97,000 could lead to a retracement toward $91,876, keeping the descending channel intact and delaying a potential bullish breakout.
💡 Trade Idea:
🔼 Trade Setup: Buy BTC/USD on a confirmed retest of $97,000.
🎯 Target 1: $99,000
🎯 Target 2: $102,347
What’s Your Take on Bitcoin’s Movement?
🚀 — Bitcoin to $102,000 and beyond
🔥 — Watch for another pullback
Let us know your thoughts in the comments! Stay tuned for more updates as Bitcoin navigates this critical channel structure.
