Bitcoin Log Growth Curves
- Uptrend and 23.61% Fibonacci Log Growth Curves are known on the same line
- Support defined through previous pivots and Fibonacci Retracement (dotted red) known at 40.5k$
- Probably BTC will triangulate between uptrend and downtrend until early February and break into uptrend until resistance of with target at 50% Fibonacci Log Growth Curves, thus reaching again 69k$
- If it breaks support of 40.5k$, there will most likely be a strong drop towards the next yellow support 30k$
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As written before: (Uptrend line = 23,61% Fibonacci Log Growth) + Support at 40,5k$![Bitcoin [BTC] - Key Support Area holding STRONG [1/10/22]](https://s3.tradingview.com/u/UV2tnoXn_mid.png)
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TOTAL reacting to support
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The U.S. Dollar Index tracks the strength of the dollar against a basket of major currencies. (DXY) originally was developed by the U.S. Federal Reserve in 1973 to provide an external bilateral trade-weighted average value of the U.S. dollar against global currencies. U.S. Dollar Index goes up when the U.S. dollar gains "strength" (value), compared to other currencies.
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Currently we are 34 weeks from the 64k peak last April, and though this is a corrective type structure, the strength of the bounce is rather strong, so IMO we are looking for the next leg higher, potentially into the mid 70k area for a rally.
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Bitcoin Monthly Bullish Scenario
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Technical analysis
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.