Bitcoin may rally and test 46k, then more red to come!

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Bitcoin / TetherUS (BINANCE:BTCUSDT)

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BINANCE:BTCUSDT Bitcoin / TetherUS

trendanalysis harmonicpatterns indicator bitcoin btc btcusd

This year has started off red, and I don't see the light at the end of the tunnel anytime soon. BTC may have a small rally to test the 46k range, then I would expect 30k support to be tested in the coming weeks.

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Bitcoin price hit 43.5k on Jan. 20th (the top of the downtrend channel) and quickly dropped to 32.6k. Not much of a bounce, or volume, once support was found at 32k. Not good news. BTC has been struggling to get back past 37k over the past 24 hours. I expect a slow couple days, sideways price movement, then more red drops to come.

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