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Bitcoin Technical Analysis 4 January, 2021

• Bitcoin reversed from key support level 45813.00
• Likely to rise to resistance level 50000.00

Bitcoin cryptocurrency recently reversed up from the key support level 45813.00 (which has been reversing the price from the start of December, as can be seen from the daily Bitcoin chart below), strengthene4d by the nearby lower daily Bollinger Band. The upward reversal from the support level 45813.00 started the active impulse waves C and (i) of the longer-term wave (B) from last month.

Given the still oversold daily Stochastic and the improved risk appetite seen across the cryptocurrency markets today – Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 50000.00.

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