CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,969.00
  • ethereum
    ETH$1,578.82
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » 2 Possible Scenarios for BTC Starting a New Week: Bitcoin Price Analysis

    2 Possible Scenarios for BTC Starting a New Week: Bitcoin Price Analysis

    Author: CryptoVizArt

    Last Updated Jan 30, 2022 @ 22:20

    After a bloody week, the bitcoin price is slowly recovering, following a 50% drop since recording the ATH level of $69K during November 2021. The following analysis will discuss two possible scenarios going forward, from a technical point of view.

    Technica Analysis

    By: Shayan

    Long-Time Frame: The Daily

    Looking at the daily chart, the BTC price has been recovering since it plunged over 50%, plunging below $33K last Monday.

    However, Bitcoin is still beneath two critical resistance areas right now. First is the blue bearish trendline pushing the price down each time BTC attempted to break above it, and the second zone is the range marked in red between $39K and $41K.

    On the other hand, the daily RSI has broken out of the multi-month low sloping resistance. The two previous breakouts had led to huge bullish moves over the past year.

    In conclusion, the two likely scenarios are :

    1. ‌Breaking above the descending trendline and the red area (around the $40K zone), consolidate above the zone for a while, generate a pullback to the resistance, and begin a price rally into the $50-60K channel.
    2. Getting rejected by both the trendline and the horizontal resistance area, forming a new lower-high to confirm the bearish trend, then a drop to lower price levels and test support zones to develop a new local bottom.

    Technical Analysis - Long Time Analysis

    Short-Term Time Frame: The 4-hour

    Bitcoin has multiple resistance levels in the lower timeframes (LTF), as indicated in the following chart. The price has created lower highs and lower lows inside a solid bearish descending channel.

    The price is now trading below the 100-MA line and the channel’s upper trendline. As a result, if the market is set to bounce back and begin a newly bullish rally, it is required to break out of the trendline and complete a new higher high, as shown by the green path.

    The other scenario is that the price touches the trendline, records a new lower high, and then gets rejected on its way to retest lower price levels (the red path).

    Technical Analysis - 4H

    Onchain Analysis: Stablecoin Inflow

    By: Edris

    The following chart consists of BTC price and the 7-day moving average of stablecoin inflow.

    As you can see, there has been a significant rise in the volume of stablecoins deposited into exchanges over the past few days.

    The last time we witnessed such a sharp increase in this metric was in May 2021, following the crash to the $30k range. This suggests that liquidity is ready to buy the dip. However, accumulation phases after huge market crashes usually take a while. So, it may take a few weeks or even months before a price rally happens, just like last year.

    Stablecoin flow

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Crypto VizArt
    More posts by this author

    Full-time on-chain Data Analyst and Python Programmer. Passionate about Bitcoin and DataVisualization. Contact: Twitter

  • bitcoin
    BTC$22,969.00
  • ethereum
    ETH$1,578.82
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!