BITCOIN PRICE ALL TIME HIGH IN JANUARY FACE TOUGH RESISTANCE by E. Okorie, 14th of January , 2021
The current Bitcoin all time high price of $42,000 in January 8th, 2021 met a strong resistance pushing the price of bitcoin above the $30,000 support level (on January 11th, 2021). Even though Bitcoin price had a swift recovery to reclaim the $36,000 neutral level, the bullish trend seems to have met a major resistance forcing mix reactions in the market. Bitcoin price still remains bullish with great prospects of attaining another all time high after the correction pattern is completed. The major support levels are $30,000, $28,000 and $25,000. With the current momentum possessed by Bitcoin and $30,000 support level remaining intact, an upward break of $42000 would target the $43,600 and $46,000 mark.
On the flip side, the bearish market currently have developed a minor channel and hope to hold the $36,600 level. Technically, analyst expect if this level holds, the bearish market will target $28,000 support. Even though $30,000 support was tested, its break does not signify a trend reversal as the correction pattern would determine it.