In January 2020, Ordóñez continues, the price made the last upward impulse before the fall in the markets in general due to Covid-19. The price was strongly bullish with a rise of more than 12%. “Said rise registered the last bullish peak to begin to descend until March, the date of the pandemic,” he said. The most bullish days, Tuesdays and Fridays. The most bearish days: Thursdays.
Of all the years, 2021 was and remains the most important of all to date. Why? The rise of all of 2020, which took us to $41,000 and where euphoria took over the markets, was stopped that month.
“The strong rise of a whole year was met with January 2021, which put a stop, giving the price the necessary rest to then rise to US $ 60,000, but not only that, it also served as the basis for the next rise in again up to the same US$60,000, that is, the price throughout the year 2020 rose until January 2021 and that month serves as a base to rise 2 times to the maximum known in bitcoin,” the analysis continued.
Furthermore, it was those same levels where the price made resistance for the current drop to $15,500. The levels of January 2021 served as support and resistance for the next 2 years. The most bullish days were Fridays, but the most bearish ones, Sundays and Mondays.
In January 2022, the highs and lows of the range were formed until the middle of the year. The most bullish days were on Saturdays, and the most bearish, on Mondays and Thursdays.
“Is there a pattern? Yes. January represented the most important levels of the entire year, it served as the basis for the movements of each following month, shaping the price structure that we know so far. In practice, how can you use this information to propose a trading scenario?”, says the analysis.
And he closes: “The first approach is that January will be an important month and that the movement of the price and the levels it forms must be under review throughout the year. We propose an upward scenario for the cryptocurrency up to US$17,300, for now we will keep that scenario. As you can see, January usually makes bullish or range movements to later trigger a strong trend, therefore, we are going to see them, $17,300 as part of that movement and from there on, follow the price.”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
