Dollar continues to devalue quietly.
Technical Analysis
Let's take a look at some key metrics.
It opens at $32K and goes down to around $30K and stable around $31K ~ $32K. The average transaction fee is $14.54 which is 37.2% increase from 01-11-21.
I think it is a good sign that Bitcoin price is stable around $32K ~ $34K.
Average transaction fee is increase bit from yesterday.
Bitcoin is building up confident to become reverse digital gold and short term correction can improve its status in the long term.
After all, $29k ~$30k is strong support and I lower ceiling price to $38k due to strong dollar continue recovering that may continue slashing price a bit lower.
Bitcoin Value = $29k ~ $38k
Most Bullish News
Corporations continue buying Bitcoin
It indicates that Bitcoin legitimate status continue improving.
Most Bearish News
Institution buyer question about legitimacy of Bitcoin
It indicates that Bitcoin is a possible bubble.
But I think we are long pass to trust only Billionaires to validate Bitcoin, don't you think?
Thanks for reading and see you tomorrow!
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You can reference my previous analysis here:
Bitcoin Technical Analysis 01-07-21
Bitcoin Technical Analysis 01-08-21
Bitcoin Technical Analysis 01-09-21
Bitcoin Technical Analysis 01-10-21
Bitcoin Technical Analysis 01-11-21
You can reference my methodology here and here.
Disclosure: I/we have no positions in any cryptocurrencies mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational purposes.
