Technical Analysis for BTCUSD for 5th January 2023
Bitcoin Bulls Rejecting Lower Prices; Will BTC Prices Surge Above $17k?
Past Performance of BTC
Bitcoin started yesterday strongly, adding three percent, only to flatline in subsequent sessions. When writing, momentum is fading, slowing down the uptrend, and puncturing bulls' optimism. Technically, there could be room for buyers. However, for buyers to tighten their grip; there must be sharp gains above yesterday's consolidation, ideally above $17k.
Bitcoin Technical Analysis
There is a bull bar in the daily chart. The problem is that there is a long upper wick suggesting rejection in lower time frames. Zooming into the 4HR chart, there are lower lows versus the upper BB, meaning weakness and low participation. The good news is that prices are within the bull bar printed in the Asian session, an indicator of resilience. Still, prices need to break above $17k, ideally with expanding volumes, should this optimistic preview take shape.
What to Expect from BTC
Buyers are hopeful though prices are in range, reading from trends in the daily chart. Sellers are in charge as long as prices are below $17k and $17.5k, but buyers stand a chance as long as they hold above $16.5k.
Resistance level to watch: $17k
Support level to watch: $16.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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