Lower highs, higher lowsAfter breaching the 2017 all-time high in mid-December and powering to the recent high of ~$42,000, Bitcoin has entered a period of consolidation exhibited by BTC\u2019s price action printing lower highs and higher lows, all the while remaining above $30K since Jan 2nd, aside from a very brief liquidation induced drop to $27k. Whether this tentative new $30K price floor will hold will be a testament of our hypothesis from last week. That is, that this new, predominantly institutional money that\u2019s driving this price action is indeed long-term \u2018sticky\u2019 capital that is absent of the nervous characteristics of retail money which carries a classic tendency to sell out of long positions as volatility moves to the downside.From a TA perspective, typically trading patterns defined by lower highs and higher lows will eventually conclude in the direction on the previous trend, and in this case with Bitcoin, the previous trend is clearly trending upwards and to the right. However, should Bitcoin trade below $34K and especially close a daily candle below $34K, a lower low will have occurred, invalidating this bullish consolidation. If not supported by dip buying institutions, it is likely that Bitcoin\u2019s price action heads lower to test $30K levels where the next price support is found. Conversely, on the upside, a move above $38K would signify a higher high and likely we see the start of a break upwards again and bids enter the market with $40K the next resistance level Bitcoin needs to breach for a test of the 2021 all-time high of $42K and beyond.BTC\/USD (Bitstamp) 4hr chart. Bitcoin is consolidating with lower highs and higher lows, potential conclusion end of JanuaryNews Round UpOnline trader and brokerage platform, eToro warned that it may have to impose limits on purchases of crypto across its\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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