BTCUSDT bulls NEED to close above 44,000 after recent dip

BTCUSDT Daily Analysis 1/23/2022
Cycles
Bearish Sentiment

Bullish Cycle 1

low 1 28,805 6/22/2021
low 2 40734.58 9/21/2021
high 52666.2 9/7/2021

Bullish Cycle 2

low 1 40734.58 9/21/2021
low 2 42000.3 12/04/2021
high 69000 11/10/2021

Bearish Cycle (12/21/2021)

high 51,864.51 12/30/2021
low 1 48,871.52 12/21/2021
low 2 39650 1/10/2022
low 3 34,008 1/22/2022

Bulls could have to wait until late March for cycle low if cycle continues. If bulls want to regain momentum, they should look to close ABOVE a recent high in the previous downtrend (44,200) and at least break above resistance line (~42,000).

Until then, BTCUSDT looks to test out support at 78% retracement level of Bull Cycle. If this support fails, we can look to next bearish target (the 1.618 fibonacci extension of first bearish impulisve wave) at 31,115.84.