Bitcoin Price Analysis Jan 1: BTC Could Turn Bullish Above $3,800

Bitcoin Price Analysis

Bitcoin Price Analysis Jan 1: BTC Could Turn Bullish Above $3,800

Bitcoin price followed a bearish path below the $3,880 resistance against the US Dollar. BTC/USD needs to surpass the $3,800 resistance to move back in a bullish zone.

Important Points:

  • Bitcoin price declined below the $3,800 and $3,760 support levels.
  • BTC is following a major bearish trend line with resistance at $3,800 on the 2-hours chart.
  • The price must break the trend line and $3,810 to move back in an uptrend.

Bitcoin Price Analysis

After a decent recovery from the $3,540 low, bitcoin price failed to gain momentum above the $3,900 resistance against the US Dollar. BTC/USD started a fresh decline and broke the $3,800 and $3,760 support levels.

The 2-hours chart indicates that the price topped near the $3,900 resistance level. Sellers took back control and pushed the price below the $3,840 and $3,800 support levels. There was also a close below the $3,800 the 100 simple moving average (2-hours).

Bitcoin Price Analysis
Chart Source By TradingView, Binance

More importantly, there was a break below the 50% Fib retracement level of the last wave from the $3,540 low to $3,900 swing high. However, the $3,650 support is currently acting as a solid support and preventing further declines.

The 76.4% Fib retracement level of the last wave from the $3,540 low to $3,900 swing high also acted as a support. Below $3,650, the price may continue to move down towards the $3,600 and $3,550 support levels.

On the upside, there is a solid resistance formed near the $3,800 and $3,810 resistance levels. There is also a crucial bearish trend line in place with resistance at $3,800 on the same chart.

Therefore, buyers need to push the price above the trend line and the $3,810 resistance levels to start afresh upward move. If there is a successful close above $3,810, the price may continue to move higher towards the $3,880 and $3,900 levels. The main resistance is near the $4,000 level where sellers may emerge.

Overall, bitcoin price is trading above the key $3,650 support. As long as the price is above the $3,650 and $3,600 supports, there could be an upside break above $3,800.

Summary
Bitcoin Price Analysis Jan 1: BTC Could Turn Bullish Above $3,800
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Bitcoin Price Analysis Jan 1: BTC Could Turn Bullish Above $3,800
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Bitcoin price followed a bearish path below the $3,880 resistance against the US Dollar. BTC/USD needs to surpass the $3,800 resistance to move back in a bullish zone.
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Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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