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Technical Analysis of BTC/USD for January 14, 2022


Relevance up to 07:00 2022-01-15 UTC+00

Crypto Industry News:

At the end of December 2021, there were a total of 34,055 devices for buying and selling cryptocurrencies around the world. An interesting fact is that only in the aforementioned month of 2021, 2,041 ATM’s were launched, and 295 such devices were excluded from use. In practice, this means that more than 50 machines were put into use every day.

What drives the number of bitomats launched is certainly the increase in demand for digital assets – the value of Bitcoin in 2021 increased by as much as 69%. On the other hand, it should be recalled that on December 1, 1 BTC was paid for USD 57,230, and at the end of the same month, it was only USD 46,250.

The largest producer of bitomats is currently the American company Genesis Coin (as of December 31, 2021, it owned 14,078 devices of this type). The second place in the ranking is taken by General Bytes (7,559 machines), and the third – BitAccess (4,873 machines).

The country with the most devices for selling and buying cryptocurrencies is certainly the United States. We will find there as many as 29,861 bitomats. The next countries in terms of the number of “Bitcoin ATMs” (“bitcoin ATMs” is the local name for this type of device) are: Canada (2,145 devices), Great Britain (102), Spain (168), Switzerland (137), Romania (113 ), Poland (98), the Czech Republic (74) and Italy (62).

Technical Market Outlook

The BTC/USD pair has bounced from the key long-term technical support located at the level of $39,555, broken out of the short-term descending channel and hit the 38% Fibonacci retracement level seen at $44,948. Nevertheless, the bounce was capped at this level and the market reversed to test the upper channel line from above. The intraday technical resistance is seen at the level of $44,000, but the key short-term technical resistance is located at the level of $45,367 and $45,669. Despite the recent complex and time consuming corrective decline in form of ABCxABCxABC pattern, the larger time frame trend remains up and only a clear and sustained breakout below the wave C low at $39,555 would change the outlook to bearish again.

Weekly Pivot Points:

WR3 – $52,467

WR2 – $50,030

WR1 – $45,792

Weekly Pivot – $43,016

WS1 – $38,361

WS2 – $36,105

WS3 – $31,712

Trading Outlook:

The ABCxABCxABC complex corrective cycle is still in progress and is much more complex and time-consuming than anticipated. According to the long-term charts the bulls are still in control of the Bitcoin market and the next long term target for Bitcoin is seen at the level of $70,000. This scenario is valid as long as the level of $39,474 is clearly broken on the daily time frame chart (daily candle close below $39,000 would be considered as a long-term trend change due to the lower low placement).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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