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Bitcoin (BTC/USD) - Bearish Correction vs. 50-Day SMA

itcoin $BTCUSD remains in consolidation mode and remained under 15K during the 1/10 session. By the end of the US session, we can see that there were buyers at 14K. 

BTC/USD Daily Chart (Coinbase price)

  • The market has respected the 5-day simple moving average in November, again in December, and one more time at the turn of the year.
  • This week, price is again testing the 50-day SMA, and we are seeing buyers so far. 
  • Unless price can close below the 50-day SMA, BTC/USD still looks very bullish.
  • Even if price breaks below 14K and the 50-day SMA, we might see buyers at 13K, where traders will see a rising support.
  • Then, there is the possibility of sliding to the 10K-10.5K area again, where price dipped to in late December. 
  • Finally, the most aggressive bearish correction scenario at the moment would be an 'abc' correction, which projects to 8K.

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