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The Bitcoin price lost 8.9% in the last 24 hours. At the time of writing this article, the digital token is trading close to $38,717. The price is expected to drop to support at 0/8 Murray around 37,500.
Altcoins, due to the correlation with BTC, follow the downtrend of the flagship cryptocurrency. So, they are trading also in the red. The fall of Ether (ETH) is measured at almost 12%.
Pessimism continues to grow among investors and traders when it comes to riskier assets like BTC. Due to worsening conditions on Wall Street, BTC could suffer in the coming months due to the correlation with the stock market.
The increase in the interest rate in the United States could be another factor that keeps BTC under bearish pressure so that it could reach the level of 30,000.
According to the daily chart, the price of bitcoin has broken the key support level of $40,000, which has already been tested several times. Now all eyes are on the following important price levels: 37,500, 34,375 and the psychological level of 30,000.
We can see on the daily chart that Bitcoin is trading below a downtrend channel and below the 21 SMA located at 43,079.
If the technical bounce found at 37,500 gives BTC the impetus to break the psychological level of 40,000, we could expect a recovery towards the 200 EMA located at 48,461 in the coming days.
The eagle indicator has reached an extreme oversold zone and an imminent technical bounce towards 1/8 Murray around 40,625 is likely.
Our trading plan for the next few hours is to buy around 37,500. Above this level, we will have the opportunity to buy with targets towards 40,625. If the price breaks the downtrend channel, we could buy with targets towards 43,750 and up to 48,461.
Support and Resistance Levels for January 21 - 22, 2022
Resistance (3) 41,958
Resistance (2) 40,491
Resistance (1) 39,745
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Support (1) 37,455
Support (2) 35,359
Support (3) 34,375
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Scenario
Timeframe H4
Recommendation: buy if it rebound around
Entry Point 37,500
Take Profit 40,625 (1/8) 40,3750 (2/8) 48,875 (3/8)
Stop Loss 36,500
Murray Levels 40,625 (1/8) 40,3750 (2/8) 48,875 (3/8) 50,000 (4/8)
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