The cryptocurrency that set up a 7-day peak on the way to 4,239 USD before Xmas, exercised a correction all the way down to 3,561 USD on Coinbase a few days afterwards. It tried to perform a small bullish rally on Dec 28, but failed to reach 4,000 USD without proper bullish bias and due to insufficient cryptotrading volume – maybe due to the New Year break. January 1 saw the world’s popular digital asset within a temporary descending channel, expecting a breakout as it retains the downward pressure.
The BTC value, as per the Coinbase chart, is encountering troubles with exciting cryptotraders into securing long positions near certain high highs. The 4,000-4,239 USD range keeps turning down BTC surges, not letting them bloom into anything of significance, and it looks like BTC might finally establish a double bottom on the way to 3,129 USD in the event that the cryptomarket conditions record no other transformations.
Presently, BTC is establishing its downside goals on the way to 3,577 USD for a possible bounce back. Should a breakdown from that area take place, then BTC would have to locate new support levels on the way to 3,434 USD and 3,297 USD. On the upside, the cryptocurrency will have to invalidate the bearish bias in 4,000-4,239 USD range prior to establishing increased bullish goals.