Bitcoin Downward Pressure

24 Jan 2022

Not only Bitcoin (BTCUSD) but also the S&P 500 Index (SPX), Nasdaq (NDX) and the Dow Jones Industrial Averages (DJI)...

All major markets are experiencing strong downward pressure.

Bitcoin has been doing a classic ABC correction after a bullish wave.

We can first appreciate EMA100 being tested as support for multiple weeks in these corrections; When we go back to Jun.-Aug. 2018, Dec. 2019-Jan. 2020 and finally recently around July 2021 prices for BTCUSD remained just above EMA100 after Aprils peak.

The B wave we get a bounce and the C wave ends up at MA200 which is sitting at $19415.
The C wave normally marks the low point.

Now, the EMA100 ($35,512) has failed but the week is still young.
Closing weekly below $35,500 can signal that Bitcoin is going straight down to test the next support.

All the markets are feeling downward pressure.
It can be happen that this correction will push us to hit real bottom...

But all is good... Once you hit bottom, the only place left to go is up.

Bitcoin support levels

We have support at $28,500 - $30,000.
Followed by ~$20,000.

This might go straight down and clean out all the weak hands in one huge wick.

Please share your trade ideas, thoughts, comments and hit LIKE to show your support.

Namaste.