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Technical Analysis for BTCUSD for 12th January 2023

Bitcoin Peeling Higher, Next Stop $18.5k?

Past Performance of BTC

Bitcoin is up four percent versus the greenback in the last trading day as the coin peels higher. The brief consolidation of the weekend has been straightened as activity is re-injected, heightening volatility. With prices above $17k and $17.5k, BTC may easily breach $18.5k as the coin turns the corner.

Bitcoin Technical Analysis

The path of least resistance is, in the short term, northwards. Specifically, the coin is within a bullish breakout formation, confirming the bull bar of November 30 and December 20. As it is, every low may offer entries now that the upside momentum is firm. Notice that BTC bull bars are along the upper BB, pointing to decent upside momentum. Provided prices are above $17.5k; every low is a loading opportunity for optimistic buyers angling for November 9 highs.

What to Expect from BTC

BTC is technically bearish, per the formation in the daily chart. Even though bulls are in control, the coin is trading within the bear bars of November 8 and 9, a net negative from volume analysis. Until BTC breaks out from $18.5k, the coin may form the base for another leg up to $20k, or better.

Resistance level to watch: $18.5k

Support level to watch: $17.5k

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

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