Bitcoin Wave Analysis 24 January 2025

- Bitcoin reversed from support zone
- Likely to rise to resistance level 109,675.00

Bitcoin cryptocurrency previously reversed up from the support zone between the round support level 100,000.00 and the 50% Fibonacci correction of the upward impulse from the middle of January.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Long-legged Doji, which stopped the previous minor correction 2.

Given the overriding uptrend seen on the daily charts, Bitcoin can be expected to rise to the next resistance level 109,675.00 (top of the previous impulse wave 1).