"Bitcoin Analysis for Jan 23: BTC Needs to Close Above $89,704 Bollinger Band Resistance"
#Bitcoin is testing key Bollinger Band resistance, with traders awaiting a breakout for bullish momentum or a potential retracement. Bitcoin (BTC) has experienced some fluctuations in recent hours, with the price hovering just below the $90,000 mark. The chart shows a series of up-and-down movements, with Bitcoin briefly testing a high of around $90,159 before retreating below $89,500. This volatility came after a week marked by mixed signals in the market, as Bitcoin failed to sustain upward momentum despite positive developments in regional equities and a weakening U.S. dollar. The price movements from the chart indicate Bitcoin’s ongoing struggle to break and close above the $90,000 resistance zone. Notably, Bitcoin’s price action over the past week has shown some significant volatility, with a decline of 6.4% in the last 7 days. On a 14-day basis, Bitcoin is down by 3%, further confirming the lack of a strong upward trend. Traders will now be looking for a breakout above $90,000 for further confirmation of bullish momentum or a possible decline. Where is Bitcoin Headed? In the latest 4-hour chart for Bitcoin, the price shows consolidation between the upper and lower bands of the Bollinger Bands. The price briefly tested the middle band at $89,704, indicating initial resistance. However, the first-born crypto has pulled back toward the lower band based at $88,302, signaling a possible lack of momentum to break higher.
If Bitcoin fails to breach the middle band and close above it, it could face a retracement to the lower band, representing immediate support. Traders will closely watch this range for any decisive price action. In addition to the Bollinger Bands, the True Strength Index indicator shows negative values, with the blue line crossing above the red line. This confirms that bearish momentum has persisted but is shifting in the short term. For a bullish reversal to occur, the TSI would need to flip to positive territory. Overall, a break above the resistance level at the middle band could launch BTC to the upper Bollinger Band at $91,105. Analyst Points at Potential $135,000 Surge Looking elsewhere, analyst Trader Tardigrade recently pointed out on X that Bitcoin has been following a distinct Zig-zag pattern on the weekly chart. This pattern features alternating bullish and bearish movements, where upward rallies meet subsequent pullbacks, creating a back-and-forth movement.
Tardigrade suggests that if this pattern persists, Bitcoin could experience another surge following its current consolidation phase, potentially targeting higher levels like above $135,000. However, if the pattern continues to follow the expected course, a correction could follow, pushing Bitcoin back down to test support zones around $112,000. #CryptoNewsFlash
"Dogecoin Prediction for Jan 21: Can DOGE Hold Above Key Fib Support to Test $0.129?"
#Dogecoin shows potential for a bullish shift after breaking key resistance, but it needs to maintain support to avoid further downside risks. Dogecoin (DOGE) has experienced a 1.5% decline in the past 24 hours, currently trading around $0.1257. The daily price range has fluctuated between a low of $0.1279 and a high of $0.1231, showing some intraday volatility. Despite the short-term decline, Dogecoin has exhibited a modest recovery, moving toward the middle of its daily range and currently consolidating in a straight line. In the longer term, Dogecoin is facing persistent pressure, down 15.9% over the past 7 days and 15.3% over the past 14 days. Despite this, the coin remains heavily traded, with a 24-hour trading volume of $1.29 billion, up over 36%. Market participants will be watching closely to see if Dogecoin can maintain support or if it will reverse again to the downside. Dogecoin Price Prediction Dogecoin’s recent price action suggests some buying pressure after reaching key Fibonacci levels. The daily chart indicates that Dogecoin recently tested but fell below the 1 level at $0.1297. However, while heading towards the 1.681 level at $0.116, the price found support at $0.120 and is now aiming to retest $0.129.
The Awesome Oscillator currently shows a negative value, indicating weakness in the buying momentum. For momentum to shift completely, the oscillator needs to flip green and retain the positive values. The Fibonacci retracement levels are providing critical support and resistance zones. The 1 level now acts as the immediate resistance area during the recent price recovery. If DOGE continues to find support around $0.120 and can break above the 1 level, a move back toward $0.134 and possibly higher toward the $0.140 level could be in store. However, failure to maintain the support could lead to a further test of the 1.618 extension at $0.11640, where the price could stabilize before making another attempt. DOGE Sees First Bullish Divergence Elsewhere, analyst Trader Tardigrade on X points out a bullish divergence signal in Dogecoin’s 4-hour chart, highlighting the first breakout from the previous downtrend. The chart shows that Dogecoin has broken above a key downward trendline, with the divergence in the price and RSI breakout indicating strong upward potential.
This breakout could signal the start of a more sustained bullish movement for Dogecoin, with traders now closely watching for confirmation. #CryptoNewss