Weekly Bitcoin Technical Analysis (January 3rd, 2022)
Weekly Bitcoin Technical Analysis (January 3rd, 2022)
History for the week (From 27th,Dec 2021 - 2nd, Jan 2022)
Opening price: $50,775, closing price: $47,286 => Spread is $3469, down about 6.8%).
Highest price: $52,088, lowest price $45,678 => Spread is $6410 (According to data from Binance exchange).
Technical Analysis
BTC/USDT weekly chart
As of last week's analysis, Bitcoin has moved within the price channel around ~$52,000 and ~$45,500. The price is still holding above the bullish trendline. There is a high probability that Bitcoin Price will move sideways for the next 4 to 6 weeks before a strong rally to the previous ATH.
BTC/USDT 1D chart
The short-term trends have no clear signal. The upper and lower bands get closer together. This means the volatility of the price has decreased with the range from ~$45,000 to ~$51,000. After a period of consolidation, the price often makes a larger move in either direction, ideally on high volume. When the price breaks through the upper or lower band, we will take the trade when the signal on the short time frames becomes clearer.
Goodluck.
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