Bitcoin is ranging due to the new year. Bitcoin has started its bullish momentum and trend and is going to be continue going up. The support level drawn here is at the price of 42500 which needs to print a bullish confirmation price action which will then continue its course. The market has formed the double bottom at the support level. Once it taps the support level again. The structure formation is higher highs and higher lows.

The ascending trendline has broken out for sells but the structure is still bullish therefore, we will go with the longs until the structure is breached.

The retracement level of 61.8% is in confluence with the support level.

The EMA 50 is bearish now and once the market starts to move up from the support, and breaks the EMA 50, only then it can continue moving up further.

RSI is at 35. It needs to dwell towards the over sold region where the bullish divergence will be formed for a continuation upwards.

Bitcoin previous analysis stands still

Jan 13 2024