- Bitcoin’s downward movement from the $48,189 level continues, highlighting the importance of surpassing the $44,200 resistance for upward momentum.
- Failure to close 5-day candles above $44,200 maintains the potential for further decline, with the next significant resistance at $48,189.
- If Bitcoin fails to overcome the $48,189 resistance, it may target the $37,586 and $35,571 levels, potentially finding support in the $37K – $35K range for a new upward trend.
When examining Bitcoin’s 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend.
Long Term BTC Analysis
When examining the 5-day technical chart of Bitcoin, we see that the analysis shared on our website on January 18 continues. BTC continues its downward movement initiated from the $48,189 level. For Bitcoin to gain momentum in its upward movement, it needs to close 5-day candles above the nearest resistance range of $44,200.
Unless BTC closes above $44,200, the possibility of a decline persists. The next resistance after the $44,200 level is at the $48,189 region. As mentioned in the analysis, we wrote that Bitcoin would initiate a downward movement while moving around the $48,000 level.
Unless the Bitcoin price surpasses the $48,189 resistance, it may initiate the downward movement, first targeting the $37,586 level and then the $35,571 region. According to Coinotag Analysts, BTC may seek strength again from the $37K – $35K range to initiate a new upward movement. Therefore, investors are expected to carefully monitor the support levels outlined in the analysis.
