Bitcoin’s Dilemma: Decline or Ascend? An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.084401
• Second Key support level of EUR/USD: 1.0762
• Third Key support level of EUR/USD: 1.072319
• First key resistance level of EUR/USD: 1.089265
• Second Key resistance level of EUR/USD: 1.093558
• Third Key resistance level of EUR/USD: 1.099822
• First key support level of USD/CHF: 0.863225
• Second Key support level of USD/CHF: 0.856715
• Third Key support level of USD/CHF: 0.84883
• First key resistance level of USD/CHF: 0.868193
• Second Key resistance level of USD/CHF: 0.87425
• Third Key resistance level of USD/CHF: 0.88202
• First key support level of GBP/USD: 1.263899
• Second Key support level of GBP/USD: 1.261165
• Third Key support level of GBP/USD: 1.252557
• First key resistance level of GBP/USD: 1.269
• Second Key resistance level of GBP/USD: 1.274586
• Third Key resistance level of GBP/USD: 1.278513
• First key support level of USD/JPY: 147.323
• Second Key support level of USD/JPY: 146.431
• Third Key support level of USD/JPY: 145.000
• First key resistance level of USD/JPY: 148.505
• Second Key resistance level of USD/JPY: 150.000
• Third Key resistance level of USD/JPY: 151.505
An overview of Bitcoin status on 17/01/2024
As mentioned in the previous analysis of Bitcoin dated 07/12/2023, the price had the potential to form a price ceiling and correction, which eventually created this scenario.
Over the past few weeks, the market has been dominated by bullish emotions, and buyers have pushed the price to its highest level yet, reaching a peak of 49096.47. At present, the price level of $48,000 is considered the nearest critical resistance level that traders face.
At present, there is no definite indication of price movements in the long-term periods, such as monthly. Moreover, the price has dropped to the 61.8 Fibonacci level, a significant decline from the price ceiling of $69,000 to the price floor of $15,265. As a result, some long-term buyers have decided to exit the market.
The buyers’ leaving and the weakened upward trend have resulted in a weekly price ceiling of $49,096.47. In case of further decline, essential support levels in front of the price can be mentioned as 41,000 and 36,300 and then up to 32,700 dollars.
In shorter timeframes, such as daily, the market has formed weak upward tendencies following a temporary brake on the decline indicated by a Spinning top candlestick pattern on the 15th day.
Given the bullish tendencies and thoughts supporting this currency, the price can increase to $43,300 and then up to $44,730 if the support level of $41,000 is maintained.
(The first warning is issued when a stable price floor is formed within a 4-hour period.)
CloseOption Team
