Bitcoin (BTC) – Challenging the descending trendline striving to make headwaysPosted on Monday, January 31 2022 at 9:12 pm GMT+0000
Bitcoin (BTC) is challenging the descending trendline pulled from November peak around 39,000 after buyers powered up around the 33,000 vicinity, trying to oppose the more than three-month decline.
Although the bearish exponential moving averages are shielding the current negative trend, momentum oscillators are revealing strong positive signals promoting further upside price action. The RSI is improving persistently in the negative region, while the stochastic lines claimed a clear positive charge and currently flirting with the 50 neutral threshold.
Having said that, overstepping the descending trendline and the neighboring January 10th low at 39,500 will boost upside momentum, encouraging the bulls to tackle a critical zone of resistance between the 55-day exponential moving average and the January 13th high at 44,500. A step higher will likely reach the 50,000-52,000 area, with the latter being the December 24th high.
Alternatively, if the trendline manages to press the price back lower, reviving selling pressures will steer the price towards the recent low of 33,000. From here, if sellers manage to plot new lows, they will likely pursue the 30,000-28,600 zone.
Summarizing, the crypto-king is striving to make headways, but downside risks are still lingering in the background as the price holds beneath the descending trendline and the 39,500 low.