Bitcoin – January 27, 2022 – BTC

Bitcoin 1-28-2022

Despite the overwhelming amount of bitcoin bullishness on social media, price action remains stubbornly bearish. BTC has made 11 consecutive lower high weekly Heikin-Ashi candlesticks. It is firmly below the 58 week moving average, but also well above the next logical support level at 30k.

Companies like Tesla, Square and Microstrategy are likely to defend their cost basis with further purchases near the 30K level. Although patient longs might find better risk/reward in waiting for bitcoin to break the cycle of lower highs before entering.

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