BTC faced selling pressure at $48,500, leading to a 15% decline to $41,319. Attempting to recover from the $40,720 – $40,410 support range, BTC needs 4-hour closes above $40,400 to target $42,170.
Long-Term BTC Analysis!
4-Day BTC/USD Analysis
When we examine the 4-day technical chart of Bitcoin, it initiated a downward movement as it failed to close candles above the $48,189 resistance, as indicated in the analysis shared with Coinotag readers on January 10, leading to a 10% decline from the mentioned level.
Updating our Bitcoin analysis, with today’s decline, the BTC price touched its support at $40,955. If the BTC price loses the $40,955 support, it may continue the downward movement to our target of $37,586, as mentioned in the analysis.
Therefore, Bitcoin and altcoin investors need to be cautious. If the BTC price closes 4-day candles below $40,955, it may persist in the downward trend. If the BTC price experiences a decline to our specified target of $37,586 support, engaging in long-term spot purchases seems favorable.
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Short Term BTC Analysis
4-Hour BTC/USD Price Chart
When examining the 4-hour technical chart of Bitcoin, it faced selling pressure from the previously mentioned $48,500 resistance, initiating a downward movement. Experiencing a 15% decline from the specified resistance level, Bitcoin is currently trading at $41,319.
Bitcoin is attempting to resume its upward movement from the 4-hour support range of $40,720 – $40,410. As long as the BTC price closes 4-hour candles above $40,400, it may continue its upward movement towards $42,170.
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However, if the BTC price fails to achieve 4-hour candle closes above the $44,500 resistance, it will continue the downward trend, with a target of $39,800. Therefore, BTC investors should carefully monitor the specified resistance levels in the analysis and exercise caution in their altcoin investments.
