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.