Technical Analysis for BTCUSD for 13th January 2023
Bitcoin Powers Higher, Clears Multi-week Liquidation Line at $18.5k
Past Performance of BTC
Bitcoin soared seven percent in the past 24 hours, rallying above the critical resistance line at $18.5k and shaking off the bear pressure of the better part of the last two months. Following yesterday's surge in prices, BTC is in green and looks set for the next leg up towards $20k or better in the sessions ahead.
Bitcoin Technical Analysis
BTC bulls are in control. There are fundamental triggers behind this spring, vividly illustrated in the daily chart. Going forward, traders may look for entries to double down on every dip, within yesterday's bull bar but ideally above $18.5k. This preview holds because yesterday's bar is with rising trading volumes and wide-ranging, breaking above a multi-week liquidation line. The immediate target for optimistic buyers is at $20.7k, marking November 8 high.
What to Expect from BTC
Inflation is reducing as the FED takes congruent steps to tame raging consumer prices. This is impacting asset prices positively and building confidence. As long as inflation continues to fall, BTC stands to gain even more. In the short term, primary support is at $18.5k.
Resistance level to watch: $20.7k
Support level to watch: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.