Jan 29: Bitcoin: Bitcoin is within a downtrend channel from the last 80 days and has dropped from $69,000 to $33,000. A bullish RSI divergence in the 4Hr can be seen from the last chart we shared
The next major resistance is at the $40,000 to $41,000 levels and a breakout from this can confirm the first signs of a trend reversal. In the meantime, $35,500 remains as short-term support
On the chart we can also see a breakout in the RSI. Last time we saw the same kind of a breakout was on July 2021 and BTC took an upward momentum from $32,000 to $69,000. MACD in the 1-day chart has turned green.
The Global Market has also showed recovery with the DOW finishing at a Weekly high giving confidence back in the market due to the FED not changing the Interest rate yet as a new roadmap will be presented in the next FOMC meeting (March). We can expect some recovery in the global market for the coming weeks with the USA market stabilizing with BTC following suite. Feb is like to turn out to be a green month.
