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22.01.202218:24 Forex Analysis & Reviews: Will the decline stop around $35,000 in Bitcoin?

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Bitcoin and most cryptocurrencies are under selling pressures the last two days. Price is making new lower lows towards $35,000 and the next major support we find now is at the June-July lows just above $29,000.

Blue lines- bearish channel

Bitcoin has broken all major Fibonacci retracement levels. The RSI is making new lower lows in the Daily chart. There is no bullish divergence. A bounce towards $40,000 is justified as we are currently at oversold short-term levels. However price remains inside the downward sloping channel as we see in the Daily chart above. In order to call a low is in, we should at least see price exit the bearish channel. Until then, bears remain in control of the short-term trend.

Alexandros Yfantis
Analytical expert of InstaForex
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