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Bitcoin ETF Announcement Pre-Detailed Bitcoin Analysis! January 10 2024

  • BTC Upward Potential: Recent Bitcoin movement reached $46,180 after aiming for $48,189. Closing weekly candles above $48,200 could lead to $50,777. Failure may trigger declines to $44,200, $41,000, and potentially $37,600.
  • ETF Influence: ETF approval may propel Bitcoin to $50,700, while rejection could lead to declines. The ETF decision is crucial for market direction.
  • 4-Hour Chart Insights: Bitcoin turned $44,528 – $44,200 into solid support. Staying above signals potential climbs to $48,500 and $49,800. Investors should be cautious, especially considering the impending ETF decision.

Bitcoin’s path hinges on breaching $48,200, impacting potential gains or losses. ETF approval could spark rallies, emphasizing the need to monitor key support levels for strategic decisions.

Medium-Term BTC Technical Analysis

4-Hour BTC/USD Price Chart
4-Hour BTC/USD Price Chart

When analyzing the 4-hour technical chart of Bitcoin, it is evident that it has strongly surpassed the resistance zone of $44,528 – $44,200 with an upward movement, transforming that area into a support. Despite today’s decline, the BTC price has undergone a healthy corrective movement within the support range of $44,528 – $44,200.

As long as the Bitcoin price stays above the support range of $44,528 – $44,200, it may aim for upward movements, targeting first $48,500 and then $49,800. Therefore, investors can confidently engage in trades if Bitcoin closes 4-hour candles above $44,200.

However, one crucial point to note is the upcoming ETF decision for Bitcoin. In the event of ETF approval, we may witness a sudden and sharp upward movement in BTC prices, reaching the targets outlined in the analysis. Conversely, if the ETF is rejected, Bitcoin prices could experience a downward movement, potentially reaching $44,200 and $42,440 levels.

If the Bitcoin price closes 4-hour candles below the $44,200 support, it may initiate a downward movement towards critical support zones at $42,440 – $40,000. Hence, investors should exercise caution in their buying and selling decisions.

Long-Term Bitcoin Technical Chart

4-Days BTC/USD Price Chart
4-Days BTC/USD Price Chart

When examining the 4-day technical candle chart of Bitcoin, it is observed that after an upward movement towards the vicinity of the $48,189 resistance, the current price is $46,180. If the BTC price manages to close weekly candles above the specified $48,200 resistance as mentioned in the analysis, it may continue the upward movement, targeting the next resistance at $50,777.

However, if the BTC price fails to achieve weekly candle closes above the $48,200 resistance, there is a possibility of a downward movement, first towards $44,200 and then potentially to $41,000. If the BTC price loses the $41,000 support, the next downward movement could reach levels around $37,600.

The ETF decision is expected to play a significant role in the targets mentioned above. A potential scenario of a decline may unfold if the BTC ETF is rejected. However, if the BTC ETF is approved, the upward trend may persist, potentially reaching $50,700.

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Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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