Bitcoin Technical Analysis

Bitcoin is following our earlier predictions, reaching the upper boundary of its upward trend channel and initiating a decline. The significant $43,500 support level has been breached, with the price currently below the first level of daily Fibonacci lines. Anticipate a potential further decline to the bottom of the upward trend channel after breaking through the projected second support level at $40,900.

1/15/20241 min read

Bitcoin analysis - Upper boundary of upward trend channel reached, breach of $43,500 support, below
Bitcoin analysis - Upper boundary of upward trend channel reached, breach of $43,500 support, below

• Bitcoin has been moving as we predicted earlier.

• If you look at its daily chart, you will notice that Bitcoin has reached the upper boundary of its upward trend channel and has started to decline.

• The $43,500 support level, which we had identified as an important level to watch, has now been breached.

• Currently, Bitcoin's price is situated below the first level of the daily Fibonacci lines.

• We expect that after breaking through the second support level we projected, around $40,900, Bitcoin’s price might fall to the bottom of the upward trend channel.