Bitcoin Update 16th January 2021

Bitcoin Update 16th January 2021

As per the last bitcoin update given in announcement for premium users BTC perfectly acted as the given path. You can see the post here.

Before Image: https://www.tradingview.com/x/LW65AJpE/

Now: https://www.tradingview.com/x/zv1lbyDr/

Still, having question by bitcoin dumped? Read this article Market cycle explained why Bitcoin dumped?

 

Anyhow, let’s check what is bitcoin is saying in the chart. I see many are waiting for 30k or 40k or 45k, but the chart is here to tell us the next story. 😜

Bitcoin Update 16th January 2021

Bybit: BTCUSD
Timeframe: 4 hours

Link to Image: https://www.tradingview.com/x/R3AOT6SA/

Bitcoin Update January 2021

Good news before starting analysis deeply is since the Bitcoin fall from $42k level. It is holding 23.6 Fib level without fail. In the past, any time it holds this level, it went more upside.

Let’s check-in details.

Triangle Pattern:

A triangle pattern highlighted with the purple dark line is the current trading zone for Bitcoin. A clear breakout of the pattern can inform us what will be the next target. Is that $23k or $45k.

A breakout from this triangle can be upside or downside, so I have added both updates.

Upside Breakout:

In case, Bitcoin managed to break the triangle on the top edge then the broadening wedge pattern will be considered as next target prediction, which means roughly we can see $49-$50k.

Downside Breakout:

Suppose Bitcoin break downside the 23 fib level or downtrend channel will be considered the next target prediction. It can either bounce up from $34,5xx level or $30, xxx level. In case, the bottom of the downtrend channel is broken then $23.6 can be the next support level.

Conclusion Bitcoin Update

So overall thoughts on Bitcoin update is, confirmation of breaking upside or downside is good to enter in Long or Short position with provided HUGE targets according to the above update.

 

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