Bitcoin Bullish Outlook for January 2024

Jan 11

BTCUSD is currently inside its bullish channel. My target is 51k still the same as my previous outlook.

RSI is showing exhaustion on the daily chart but i still expect it to hit the upper channel trendline first before a pullback. It is a one last push before a relief pullback.

Hopefully when the price of Bitcoin drops, Ethereum and the rest of altcoin will still rise. That signals altseason because the money flows from bitcoin to altcoin.

Jan 13

Note

The price drops faster than predicted. I am still sticking with my original plan, this is most likely a fakeout.

There is a bullish divergence in daily chart, you can see it in the neutral level of RSI (around 50).

SL: Below $41,482.

Jan 19

Trade closed: stop reached

Stop loss reached.

The short consolidation ends with a bearish continuation. Long term is still bullish but it's better to wait until weekly closing. in the meantime, let's find a good entry possibility for next week.