Cryptocurrency

2024

Bitcoin

Rise

Bitcoin rose above $40,000 again today, after its retreat to $38,000 yesterday.
While BTC still continues to show weakness, popular cryptocurrency analyst Ali Martinez said that the weekly close and the $38,000 level in Bitcoin are important.
At this point, Martinez said that a close below $38,000 on the weekly chart could be indicative of another possible decline for Bitcoin.
According to the analyst, if there is a weekly close below $38,000, the next target for BTC could be the strong support level around $33,000.
Stating that the critical support level of $ 33,000 is the 0.5 Fibonacci retracement level and the 50-week simple moving average, Martinez said that this level creates a remarkable defense line that has the potential to prevent further declines in the BTC price.
<blockquote>
 “A close below $38,000 on the weekly chart could signal a pullback for BTC, targeting the strong support level around $33,000.
 This key area at $33,000 combines several technical elements: This level appears as the 0.5 Fibonacci retracement level and the 50-week simple moving average.
 “Together, these factors form an important line of defense that could potentially stop further BTC price declines.”
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Price Watch: A close below $38,000 on the weekly chart could signal a downturn for <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>, targeting the strong support cluster around $33,000.
 This key area combines several technical elements: the lower boundary of a parallel channel, the 0.5 Fibonacci retracement… <a href="https://t.co/uaKmtMjdeQ" rel="noopener noreferrer nofollow">pic.twitter.com/uaKmtMjdeQ</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1750049320756232192?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 24, 2024</a>
</blockquote>
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In another post, Martinez pointed out that Bitcoin made four important corrections during the rise, and that this correction was a good opportunity to buy the bottom and advised investors to buy BTC.
<blockquote>
 “In this bull market, BTC experienced 4 significant corrections: a 12% decline in 12 days, a 22.6% decline in 15 days, and two declines of approximately 21% each lasting approximately 60 days.
 Interestingly, Bitcoin is currently in the middle of a 21% correction that has been going on for 12 days. So buy the dip.”
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 In this bull market, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> has experienced 4 notable corrections: a 12% drop over 12 days, a 22.6% fall over 15 days, and two approximately 21% dips each lasting about 60 days.
 Interestingly, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is currently in the midst of a 21% correction, which has been ongoing for 12… <a href="https://t.co/9KUFG0nppa" rel="noopener noreferrer nofollow">pic.twitter.com/9KUFG0nppa</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1750106071757115691?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 24, 2024</a>
</blockquote>
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*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/experienced-analyst-weekly-closing-is-important-for-the-rise-in-bitcoin-these-levels-are-critical-must-be-followed/" rel="noopener noreferrer nofollow">Experienced Analyst: "Weekly Closing is Important for the Rise in Bitcoin! These Levels Are Critical, Must Be Followed!"</a>

Experienced Analyst: "Weekly Closing is Important for the Rise in Bitcoin! These Levels Are Critical, Must Be Followed!"

Bitcoin Sistemi EN

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