Technical Analysis for BTCUSD for 9th January 2023
Bitcoin Spins, BTC Traders Watching $17k
Past Performance of BTC
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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