This website uses cookies to ensure you get the best experience on our website

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020