BTCUSDT bulls NEED to close above 44,000 after recent dip
BTCUSDT Daily Analysis 1/23/2022
Cycles
Bearish Sentiment
Bullish Cycle 1
low 1 28,805 6/22/2021
low 2 40734.58 9/21/2021
high 52666.2 9/7/2021
Bullish Cycle 2
low 1 40734.58 9/21/2021
low 2 42000.3 12/04/2021
high 69000 11/10/2021
Bearish Cycle (12/21/2021)
high 51,864.51 12/30/2021
low 1 48,871.52 12/21/2021
low 2 39650 1/10/2022
low 3 34,008 1/22/2022
Bulls could have to wait until late March for cycle low if cycle continues. If bulls want to regain momentum, they should look to close ABOVE a recent high in the previous downtrend (44,200) and at least break above resistance line (~42,000).
Until then, BTCUSDT looks to test out support at 78% retracement level of Bull Cycle. If this support fails, we can look to next bearish target (the 1.618 fibonacci extension of first bearish impulisve wave) at 31,115.84.
Cycles
Bearish Sentiment
Bullish Cycle 1
low 1 28,805 6/22/2021
low 2 40734.58 9/21/2021
high 52666.2 9/7/2021
Bullish Cycle 2
low 1 40734.58 9/21/2021
low 2 42000.3 12/04/2021
high 69000 11/10/2021
Bearish Cycle (12/21/2021)
high 51,864.51 12/30/2021
low 1 48,871.52 12/21/2021
low 2 39650 1/10/2022
low 3 34,008 1/22/2022
Bulls could have to wait until late March for cycle low if cycle continues. If bulls want to regain momentum, they should look to close ABOVE a recent high in the previous downtrend (44,200) and at least break above resistance line (~42,000).
Until then, BTCUSDT looks to test out support at 78% retracement level of Bull Cycle. If this support fails, we can look to next bearish target (the 1.618 fibonacci extension of first bearish impulisve wave) at 31,115.84.
