Bitcoin January 19, 2023 – Some Resistance

A bullish wave – That Bitcoin (BTC) price trying to recover $21,000 as markets try to determine if a bullish continuation is possible. This trader and trading company only predicts a strong bearish correction after the cryptocurrency rises well above the current level.

$21,000 Bitcoin Price War

After losing $21,000 the day before, the price of Bitcoin rises to $21,126 on Bitfinex today, January 19, 2023. Cryptocurrency trading at $21,109 at the time of writing this article. Its price is currently registering a daily increase of 2.08%.

In the very short term, the 5-hour price chart for Bitcoin shows that the cryptocurrency is currently crossing Tenkan-sen and Kijun Senwhich are approaching each other, about $21,000 (blue circle).

BTC USD over 5 hours

Can Bitcoin sustainably return above $21,000 and thus revive hopes of a bullish continuation? While Bitcoin was trading at $20,972, the analyst said Matthew Hyland pointed to resistance in the very near term.

Bitcoin price and RSI
Posted by Matthew Hyland – Source: Twitter

He shared a chart that corresponds to the 4-hour price of the cryptocurrency and the RSI over the period that is about to break. encountering a downward trend. The chart also shows a potential upcoming crossover of the MACD with the signal line.

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Bullish continuity before the final correction?

the trader Direct Capital attempted to issue a forecast based on the April 2019 bullish breakout. Whose outbreak current was similar to that of about 2 years ago, then the cryptocurrency could continue its rise, well above the current level.

Bitcoin price: bullish continuity before a sharp correction
Publication of Rekt Capital – Source: Twitter

The strong correction would only start after several months, with a retest of the levels around $17,000 in 2024. Such a retracement would be similar to the one in March 2020.

Rekt Capital is not the only one issuing such forecasts, with bullish continuity at first, before a sharp correction. In its newsletter on 19 January, the trading company writes QCP capital indicated that the current rise is wave 4, in his analysis of the cryptocurrency price in the long term using Elliott waves.

QCP Capital points out that “this recovery, from the November 2022 lows, is only a wave 4 correction”. The company believes Bitcoin could rise to about $30,000before the markets are treated with “last wave 5” which would then see a massive sell-off.

In a December 2022 chart, QCP Capital showed that the price of Bitcoin could fall below last year’s lows during this wave 5.

Could the long rally that began this year be a false start for the price of Bitcoin? The outcome of the $21,000 fight and the magnitude of the subsequent moves could give more precise ideas about the likelihood of a long bullish continuation or a return to $20,000 in the very short term.

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