Technical Analysis for BTCUSD for 11th January 2023
Bitcoin Turning the Corner, BTC May Spike to $18.5k
Past Performance of BTC
Bitcoin is shaking the weakness of December, rallying seven percent in four weeks. This week's expansion is bullish since it keeps prices above $17k and December 20 highs, confirming demand. For this momentum to be sustained, BTC buyers must add to yesterday's gains, pushing and maintaining the coin above $17.5k. At this pace, BTC could be pushed towards $18.5k.
Bitcoin Technical Analysis
Buyers are upbeat, judging from the formation in the daily chart. Even though there were attempts to reject upside pressure, the sharp bounce on January 10 is bullish. As it is, traders can load the dips, targeting $18.5k in the short term. Supporting this preview is the solid bullish engulfing bar of yesterday. This bar kept prices above $17k, sustaining the coin above December 20, a bullish formation. Since bars also align with the upper BB, the upside pressure is higher. Therefore, if prices are above $17k, traders can ramp up.
What to Expect from BTC
Bitcoin is turning the corner. However, fortunes could change if the coin blasts above $18.5k. There are hints towards this, especially if there is a follow-through of yesterday's developments. In that case, BTC could easily pierce above $18k, triggering more demand.
Resistance level to watch: $18.5k
Support level to watch: $16.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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