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02.01.202411:21 Forex Analysis & Reviews: Technical Analysis of BTC/USD for January 2, 2024

Bitcoin Shatters the $45,000 Barrier: A New Chapter Begins

Deciphering the Signals of Bitcoin's Bullish Behemoth

As the first page of 2024 unfolds, Bitcoin commands attention with its dramatic breach of the $45,000 mark. This surge is not just a number—it's a narrative of bullish strength in the crypto realm.

Exchange Rates 02.01.2024 analysis

AI Revolution and Nvidia's Masterstroke

The surge in Bitcoin comes against the backdrop of a broader technological revolution, with AI at its helm. The year 2023 has been pivotal, with Nvidia at the forefront, steering through regulatory challenges with innovation. NVDA new graphics card release in China, compliant with stringent U.S. export controls, reflects not just a win in market strategy but also a potential catalyst for the AI industry's growth trajectory in 2024.

Nvidia's Tenacity in the Chinese Market

Despite the regulatory hurdles set by the U.S., Nvidia's resolve to maintain its market presence in China is clear. With a market valuation exceeding USD 7 billion in the AI chip sector, Nvidia's move is both a strategic pivot and a clear signal of its commitment to its Chinese clientele. The introduction of the GeForce RTX 4090 D graphics card is a testament to Nvidia's agility and foresight in navigating the geopolitical landscape.

Financial Fortitude Amidst Constraints

Nvidia's financial performance has been nothing short of remarkable. Boasting record revenues of $18 billion in just the third quarter of 2023, the company's success is attributed largely to the generative AI boom. This robust growth, despite the export ban, showcases the company's resilience and hints at the burgeoning potential of AI—a domain where cryptocurrencies like Bitcoin are deeply intertwined.

Technical Market Overview: A Green Tide Rises

With overwhelming 'Buy' signals from 20 out of 21 technical indicators and unanimous support from moving averages, the charts are singing a bullish chorus for Bitcoin.

Bitcoin's climb above the trend line resistance breathes life into the prospects of an uptrend revival. The bulls are eyeing $48,200, with the journey's continuity hinging on the support bastion at $19,572. The sustenance of this bullish phase is also anchored by critical supports at $32,829 and $31,790.

Sentiment Scores: Bulls Lead the Charge

The sentiment is predominantly bullish, with a 73% majority favoring the bulls over the bears. This positive sentiment has been a steady drumbeat over the past week and continues to resonate strongly in the market's consciousness.

Weekly Pivot Points:

  • WR3: $51,335
  • WR2: $48,021
  • WR1: $46,896
  • Pivot: $44,707
  • WS1: $43,582
  • WS2: $41,393
  • WS3: $38,079

These levels are the lighthouses for traders, illuminating potential turns in the market tide.

Exchange Rates 02.01.2024 analysis

Practical Insights for Traders

For Bulls: Embrace the current uptrend and monitor the resistance levels. A sustained break above WR1 ($46,896) could pave the way towards WR2 ($48,021) and potentially WR3 ($51,335).

For Bears: Watch for any potential reversal signs and key support levels. A break below the weekly pivot ($44,707) could signal a shift, targeting WS1 ($43,582) and possibly lower levels.

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Important Notice

The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.

Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.

#instaforex #analysis #sebastianseliga

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

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