Month: January 2021

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The current BTC bull market is showing no signs of letting up, having wiped out the $28,500 resistance with a high-volume surge and giving no hint of a deeper reversal under $30,000.

The current BTC bull market is showing no signs of letting up, having wiped out the $28,500 resistance with a high-volume surge and giving no hint of a deeper reversal under $30,000.

As Bitcoin price reclaimed $33,000 as support, many Altcoins soaring higher, an indication that, the bears are losing momentum.

The BTC bull flag is still in play, but will be weakened if we break $28.5k area support. Any drop to that key level means Bitcoin may be heading for a deeper correction as the divergence has clearly shown.

Now that Bitcoin has lost the $32,000 support, suggests that the price could retest the $24,000 support. We can see deeper correction. This correction phase is ideal for the bull market stand point, to reset sentiment and clean the market for the next big move up.

Bitcoin price attempted to break-out of the symmetrical triangle pattern on three occasions but it could not and the bulls are currently attempting to defend the 20-day EMA ($34,626). If the BTC/USD breaks out of the symmetrical triangle pattern and the pair sustains below the 20-day EMA, the price could drop to the 38.2% Fibonacci retracement level at $29,688.10.

The correction mode continues as Bitcoin (BTC) fails to recapture the $40,000 level and traders who were expecting a quick resumption of the uptrend may have been caught off guard by the steady pullback.