Technical Analysis for BTCUSD for 10th January 2023
Bitcoin Off to a Strong Start, will BTC Bulls Prevail?
Past Performance of BTC
Bitcoin Technical Analysis
Overly, bears are in control, considering the formation in the past few months. Critical resistance and support lie at $17.5k and $16.5k, respectively. Even so, the expansion of prices on January 10 and the surge above $17k is bullish. Presently, traders can look for entries, but only once there is confirmation of yesterday's gains above $17.5k. In that case, buyers can load the dips, targeting $18.5k or better. The liquidation in lower timeframes may cancel the uptrend, slowing down buyers. Subsequently, BTC may drop lower due to subsiding upsides. Still, if BTC remains above $16.5k, buyers stand a chance.
What to Expect from BTC
Buyers are confident that the bear run is over. Nonetheless, for trend definition, there must be substantial gains above $17.5k and $18.5k in the near term. If the surge confirms the gains of January 9, BTC may float to $18.5k and even $20k in the coming weeks.
Resistance level to watch: $17.5k
Support level to watch: $16.5k
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