The $375 price level is continuing to show its ability to hold as support. In my previous Bitcoin technical analysis article on the 21st of January – I outlined the technical significance of this level and why every active trader should be aware of it. This pivot zone has acted as support on three separate occasions this month!
The $395 area – which held as support about three times yesterday – was broken today on heavy selling. This level also act as support on the 23rd of January, so I consider this area to be an important pivot zone now. If there is a retracement upward over the next 24h, the $395 level may now turn into resistance, and that could set the stage for further losses over the next few days.
In the event that price climbs back above $395 – another rally towards the pivot area at $405 will be very likely.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
In the unpredictable world of cryptocurrency, new tokens launch daily, each one a shining beacon…
Once more, Ethereum is commanding the spotlight as fresh figures indicate that the amount of…
The ecosystem on Arbitrum keeps flaunting its robust foundations, with a steady incline in the…
Once again, major market players are focusing on Ethereum. The whale activity surrounding the second-largest…
It has been a tumultuous week for the artificial intelligence sector in crypto. Sharp valuation…
Following a brief stint of dormancy, the BSC Foundation is back in action, reestablishing its strategic…