The Bitcoin price has fallen 23% from its highs. Buyers have started to lock in their purchases, which were formed in the range of 37650-39775$.
At the moment, we can see the range of 44200-47200$ on the chart, which acts as an area of interest for buyers.
Considering the January local market cycle earlier this year, we can assume that the price has now moved into a new trading range of $44200-57600$, where a new local market cycle will take place.
Buying may be sought after confirmation of the trend and reaching the level of 49700$ near the MA100 on the H4 timeframe.
Stop Loss should be placed under 46300 $
The targets will be local levels of
and in case of renewal of the ATH – a psychological mark of $6000
Please take note that markets are never fully predictable and that each bullish scenario is countered by a potential bearish scenario. These regular snapshot posts are to help the AAX community of traders get into the habit of conducting price analysis.