Technical analysis by xChainTrader about Symbol BTC: Sell recommendation (1/15/2024)

Short term Bearish. But Long term Bullish, as always :) Based on the channels in the charts, Bitcoin tried three times to cross an important trend line in its price movement but faced strong resistance each time. This is probably a strong indicator that further legs down are more likely to happen. How deep will it go? it depends on how fast Bitcoin wants to correct, to touch the nearest support line in the chart. 32k levels are more likely to be visited. BTCUSD49K - 50K incoming.. then fall down to 35K - 33K regions.Since we have passed a critical time where BTC were more likely to visit the 32K levels; it won't, but the 50k level is possible though.