Bitcoin price currently under pressure and struggled to cross $15,000 level, signaling decline from the current level. Here is the 01-07 January Bitcoin Technical Prediction.

01 January, AtoZForex – Today, the Bitcoin price is trading in a range-bound zone near $13000 level showing the bearish signals on the charts. Also, the price dropped to $12,989.49 and touched $14,266.08 level in 24-hours. Will the Bitcoin price continue to stay below $15,000 this week?

01-07 January Bitcoin Technical Prediction

According to Nomura, the hike in the value of Bitcoin could be adding 0.3% to Japanese GDP growth. Moreover, the Bitcoin trades are disproportionately transacted in Japenese Yen, and nearly 1 million Japanese hold about 3.7 million Bitcoins.

Moreover, according to Korea Biz Wire, two of Korea’s largest banks, Shinhan and KB Kookmin has announced this week that in mid-January they will no longer redeem credit card points for Bitcoin. One primary cause for concern is that bitcoin jumped nearly 12 times since January and remains prone to extreme volatility. In early December, it almost doubled in value from US$10,240 to an all-time high of almost US$20,000, before falling 30 percent to below US$11,000 then rallying to nearly US$16,000.

According to the charts, the Bearish trend can be continued as a long black candlestick pattern occurs in the chart, following by three candles of small real bodies that fall into a slight uptrend. On the fifth candle, the bears come in strong to close at a new low. This small uptrend, in between two long black candles, is consistent with investors taking a break.

Also, according to Fibonacci retracement, there was a break below 50% Fibo. Retr. of the last level from the $10,688 low to $16,384 high. Currently, a lot of bearish pressure on bitcoin price as sellers are weighted more than the buyers.

On the upside, if BTCUSD crosses $15000 level then it may test another level and a considerable upside momentum above $18000 level can be seen in a week.

The relative strength index(14) value is 63.96 which means Buying signal.

Moreover, according to ATR(14), the BTCUSD pair is highly volatile.

The Bitcoin has significant support near $10,450 level and resistance at $15,280 level.

BTCUSD Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3 Classic 5594.6 8597.9 10487.4 13490.7 15380.2 18383.5 20273 Fibonacci 8597.9 10466.9 11621.6 13490.7 15359.8 16514.5 18383.5 Camarilla 11031.5 11480 11928.5 13490.7 12825.5 13274 13722.5 Woodie’s 5037.8 8319.5 9930.6 13212.3 14823.4 18105.1 19716.2

What do you think of the 01-07 January Bitcoin Technical Prediction? Let us know in the comment box below.