The decline in Bitcoin (BTC) over the past couple of months may be over as big support is holding so far. It’s not out of the woods yet, but giving support and trend the benefit of the doubt the outlook could turn decisively bullish soon.
Big support around 40k held, which arrives via both horizontal levels and a trend-line. The recent flush and reversal below the December 4 flash-crash low was a bullish event that we were looking for as it was approached.
There is still some work to be done, but as long as a close below 39558 doesn’t develop then the outlook is at worst neutral, but likely bullish.
BTC/USD Daily Chart
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
—Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
element inside the element. This is probably not what you meant to do!
Originally Posted on: https://www.dailyfx.com/forex/technical/article/special_report/2022/01/12/Bitcoin-BTC-Technical-Outlook-Correction-May-Be-Over-PRtech.html
By: Paul Robinson