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Technical Analysis for BTCUSD for 9th January 2023

Bitcoin Spins, BTC Traders Watching $17k

Past Performance of BTC

Bitcoin prices continue to spin, per the formation in the daily chart. Even though market participants are hopeful, the path of least resistance remains southwards unless there are encouraging gains. As it is, buyers may edge above $17.5k with expanding volumes for trend definition. If not, sellers remain in control, weighing sellers in favor of buyers.

Bitcoin Technical Analysis

The contraction of trading volumes and volatility is impacting price patterns. The daily chart has a squeeze forming, signaling flat-lining momentum. It is despite the higher highs relative to the lower BB following gains of January 6. As it is, buyers may take charge. However, this is only after there is confirmation. Conservative traders can wait for gains above $17.5k, confirming buyers of January 6 and December 20. If the breakout is with rising volumes, BTC may rally to $18.5k or better in the coming days.

What to Expect from BTC

Traders are confident of what lies ahead, hopeful the bear run is over. Nonetheless, this will mean nothing unless there are gains above immediate liquidation lines, confirming the spins of the past three days as accumulation. In the short term, the $17.5k and $18.5k levels are critical for BTC price action.

Resistance level to watch: $17k

Support level to watch: $16k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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