Name Price24H (%)
Bitcoin (BTC)
$36,507.00
-4.55%
Ethereum (ETH)
$2,467.86
-5.85%
Binance Coin (BNB)
$372.27
-5.47%
Cardano (ADA)
$1.05
-6.14%
BITCOIN – TECHNICAL ANALYSIS – 12 JANUARY 2022
Bitcoin, News

BITCOIN – TECHNICAL ANALYSIS – 12 JANUARY 2022

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TheΒ Bitcoin price bounced up at the support horizontal line (around $41,000) and it’s now trading above it.

The price is now trading above the area between around 39,500 and around 42,500 (see the green rectangle in the picture) which is acting as strong support, as I expected.

The price is still trading below the key moving averages, exactly below the 200-day MA (green moving average), below the 21-day MA (blue moving average) and below the 50-day MA (red moving average).

The daily RSI is outside the oversold zone, but still in the bearish zone.

These drops are aΒ buying opportunity, in my view, as the bitcoin fundamentals have not changed.

Instead, this is the best time to start buying and accumulating more Bitcoin.

The short term (daily timeframe of Bitcoin) still looks bearish.

However, the trend is still bullish in the long term (weekly and monthly timeframes), so I’m not worried.

It’s really important that the price goes back above the 200 daily SMA, as soon as possible.

There is a lot of talks recently about the potential “Death Cross” on Bitcoin, which happens when the 50-day MA (red moving average) moves below the 200-day MA (green moving average). That might lead to more downside. This is possible, however, for me is a lagging indicator, which confirms what we already know, that the bitcoin price dropped from the last all-time highs. For this reason, I am not worried. If we were to see the bitcoin price drop below the 40k level, that would be an even greater opportunity for investors to buy and accumulate bitcoin at lower prices.

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The Crypto Fear & Greed Index is still in “Extreme Fear” mode.

Every time there is a drop, investors are scared.

However, this fear is not justified in my opinion.

These types of corrections are common in the crypto market.

The best time to invest in cryptos is when everyone else is scared.

And now it’s the time to invest, in my opinion.

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The Bitcoin dominance is at around the 40% level.

However, if the bitcoin dominance is going to break and remain below that level, I expect a new altcoin season to start.

I’m already positioned for this scenario.

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As I said, now is the time to remain invested, keep the copy open and add more if you can, or start the copy if you are new and wait for the massive run.

I still think that bitcoin will go over $100k by mid 2022.

I am close to 500 copiers (investors) and my AUM is around 700k.

I will move soon to the next PI level.

Have a nice day, guys!

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Steps to follow to copy my portfolio automatically:

1. Create an eToro account here:Β https://vincenzostefanini.it/goto/etoro/

2. Verify your account and make a deposit of at least 200 USD (you can deposit in any currency, like GBP and EUR)

3. Go to my profile page:Β https://vincenzostefanini.it/goto/etoro-vincenzost/

4. Start the copy (remember to COPY OPEN TRADES and set the lowest stop loss possible, to allow some movement)

5. Enjoy, it’s all automatic. You will make passive income 24/7

Let me know if you have any questions.

 

Vincenzo Stefanini

eToro Popular Investor

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coinmag

Popular Investor at eToro Founder and CEO at β€œOsom One” Digital Agency Co-Founder of Visit Tenerife Founder of Crypto Breaking News Personal Finance, Investing, Money and Motivation