Breaking of a Key Support Level
In the four-hour timeframe, Bitcoin's price trend shifted significantly after breaking a key support level marked by the blue box. The formation of a new lower high and lower low signals a clear downtrend. Currently in a pullback to the broken area, with current bullish candles considered temporary. The pullback is expected to continue to around $43,000, the range of the uptrend line, before the primary bearish trend resumes, potentially leading to a further decline toward the next support areas marked by the blue boxes.
1/28/20241 min read
In four-hour timeframe, the breaking of a key support level (the blue box) is considered a significant turning point in the change of Bitcoin's price trend. This shift in direction is clearly observable, as evidenced by the formation of a new lower high compared to the previous high, and a lower low compared to the previous low, indicating a downtrend in the market.
Currently, Bitcoin is in the process of a pullback to the broken area. This stage is critical, as we consider the current bullish candles as temporary and of minor significance. The pullback is expected to continue up to around the $43,000 level, which is the range of the uptrend line. After the completion of this pullback process, it is anticipated that the primary bearish trend will resume, leading to a further decline in Bitcoin's price and a move towards the next support areas (the blue boxes).