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Will Bitcoin Continue to Decline? Current BTC Analysis

  • BTC 4-Day Update: Failure to close above $48,189 resistance caused a 10% decline.
  • BTC 4-Hour Analysis: $48,500 resistance led to a 15% BTC drop to $41,319.
  • Investor Caution: Monitor specified resistance levels closely.

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
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.

Short Term BTC Analysis

4-Hour BTC/USD Price Chart
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.

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.

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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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