Bitcoin bears broke right into the $8,500 - $8,300 support zone on Thursday, January 23 and stopped few steps below $8,400. They also tested the lower end of the corridor at $8,300. Sell pressure was starting to increase and on Friday, January 24, the price of BTC moved below $8,300 during intraday, just to recover in the evening. I expect the level to survive at least one more attempt, but if we don't see further activity from buyers, it will be broken, opening the doors for $8,000 and $7,800 eventually.
- $8,300 as a lower end of the support zone is still at play.
- $8,000 = Fibb 38.20
- $7,800 - hard support, I cannot see a break there unless there is an extreme high seller volume
- Trading volumes started to rise again on Friday and moved up from $27 billion to $30 billion.
- Still stable above both 50 and 100-day EMAs
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.