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flag ★ Our Bitcoin view for January 18, 2022.

Crypto Analysis:::2022-01-18T19:31:46

Our Bitcoin view for January 18, 2022.

Bitcoin is trading around $41,500. Price is on negative territory relative to yesterday. Short-term trend remains bearish despite the short lived bounce from $39,550 to $44,370. Price remains under pressure and we remain bearish as long as price is trading below the key downward sloping red trend line.

Our Bitcoin view for January 18, 2022.

Red line - resistance trend line

Bitcoin is vulnerable to a new lower low below $39,550 as long as price is below the resistance trend line shown in the Daily chart above. There is no sign of a reversal or an imminent major low. The RSI in the Daily chart has not provided us with any bullish divergence and price continues making lower lows and lower highs. A break above recent high at $44,370 would be the first positive sign after 2 months.

Analyst InstaForex
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