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Bitcoin Collapse As Far As $33,000: Is It Time For The Recovery?

By Jason SenCryptocurrencyJan 25, 2022 06:59AM ET
www.investing.com/analysis/bitcoin-collapse-as-far-as-33000-is-it-time-for-the-recovery-200615865
Bitcoin Collapse As Far As $33,000: Is It Time For The Recovery?
By Jason Sen   |  Jan 25, 2022 06:59AM ET
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  • Bitcoin collapsed as far as 33000, very close to the 100 week MA at 32000/31500. Clearly, there were aggressive buyers waiting with a 4500 pip bounce, hitting the target 37600/800. A high for the day exactly here in fact.

  • Ripple broke the rising 500-day moving average for a clear sell signal and crashed another 200 pips.

  • Ethereum broke important support at 3050/3000 and the January low at just above 2900 for a very significant sell signal, with 50% losses so far.

Today's Analysis

Bitcoin bulls defend the 100 week MA at 32000/31500...for now leaving a bullish candle on the bounce to 37600/800. I would be surprised to see further gains but look for strong resistance at the 500 day moving average at 40100/40200. It is only above 41500 that I can feel more positive although we still have strong resistance at 41400/500.

Obviously key support at 33000/31500 now. Longs need stops below 31000. A break lower targets 29000/28500. This is the last line of defence for bulls as a break lower could wipe off another 10,000.

Ripple has crashed as expected hitting 5400. We have bounced to the 100 week moving average at 5900/6000 and are actually holding just above here. This gives bulls some hope although I do not think we will hold above here for too long. First resistance at 6560/90 not quite reached yet. Unlikely but further gains meet a sell opportunity at 7250/7350. Stop above 7500. A break higher is a nice medium term buy signal. Buy and hold!!

Ethereum has crashed as far as the 500 day moving average at 2300/2250 and an over run to 2150. This is the only support of any importance now.

First resistance at 2550/80. Above 2600 however allows a recovery to strong resistance at 2790/2820.

A break below 2150 is obviously a significant set back for bulls to say the least - targets are 2200/2170 and 1950/1900.

Video Analysis:

Bitcoin Collapse As Far As $33,000: Is It Time For The Recovery?
 

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Bitcoin Collapse As Far As $33,000: Is It Time For The Recovery?

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