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After a $ 35,000 breakout, Bitcoin headed for $ 40,000

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[LIVE] WOOW!!! BITCOIN BREAKOUT TO $60,000 ACCORDING TO THESE TWO MASSIVE SIGNS!!

After a $ 35,000 breakout, Bitcoin headed for $ 40,000

After a $ 35,000 breakout, Bitcoin headed for $ 40,000
CONTENT

  • BTC rate updated on January 6th another historical maximum

  • Indicators give bullish signals on the daily chart but start to weaken on shorter time frames

  • BTC Bullish Breakout of Short-Term Downtrend Resistance Line

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Bitcoin hit its all-time high again on January 6, hitting $ 35,879. BTC continues to target $ 39,000 despite signs of weakness on short-term charts.

Another broken record

The bitcoin (BTC) rate formed two bearish candles in a row on January 3 and 4, namely, the “shooting star” and the “hanging man”. Both are considered signs of a bearish reversal if they appear on the chart as part of an uptrend. Accordingly, this promises the currency a likely decline.

However, on January 5, these signs of weakening were neutralized by a bullish candle that almost absorbed previous highs..

Today, January 6, BTC has renewed its all-time high again, moving it by $ 35,879.

After a $ 35,000 breakout, Bitcoin headed for $ 40,000

On the daily chart, technical indicators are not showing any signs of weakening yet.

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MTC schedule. Source: TradingView

Signs of weakness

On the 6-hour timeframe, despite the updated high, both the RSI and MACD are giving strong signals of weakness in the form of bearish divergence.

Divergence for MACD is noticeable both on the histogram and along the MACD line. However, the RSI has not yet formed a bearish “failed swing” pattern..

MTC schedule. Source: TradingView

On the 2-hour chart, a bullish breakout of the downtrend resistance line can be seen, which was a catalyst for growth.

For its further continuation, the BTC rate must turn the $ 34,500 area into support and gain a foothold above it.

MTC schedule. Source: TradingView

Wave analysis

Wave analysis results suggest BTC is within sub-wave 5 (orange) of wave 5 (blue).

An overly aggressive rally has long required a correction, however, judging by the latest price dynamics, the market has a chance to form another high before entering the correction phase.

After a $ 35,000 breakout, Bitcoin headed for $ 40,000

MTC schedule. Source: TradingView

A more detailed analysis of the last price movement allows us to highlight the target at $ 39,170 through the use of Fibo tools such as the projection of wavelengths 1-3 (black) and the extension of wave 4 (orange).

MTC schedule. Source: TradingView

Conclusion

Thus, the bitcoin rate can continue to grow towards the $ 39,000 mark, from which it will presumably begin a large-scale correction..

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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