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Technical Analysis for BTCUSD for 16th January 2023

Bitcoin Roars 22% in 1 Week as Bulls Set Sight on $23k

Past Performance of BTC

It is a new dispensation for Bitcoin. After an impressive performance last week, lifting the coin 22 percent, and above critical resistance levels, the path of least resistance looks up. The coin is above $18.5k, as visible in the daily chart, and $20.5k. At this pace, traders can look to double down on dips above $20.5k, aiming for November 2022 highs.

Bitcoin Technical Analysis

Bitcoin prices are looking up, and the coin is ripping higher, judging from the performance in the daily chart. With BTC above $20.5k and the psychological resistance, now support, at $20k, every low looks like a loading opportunity. Notice that the upper BB diverges from the 20-day moving average, indicating increasing volatility. Besides, the bars are along the upper BB with underlying momentum expanding, indicating strength. This combination supports buyers. Based on the daily chart, there could be loading opportunities above Jan. 14 lows at $20k. Immediate targets lie at $21.5k and $23k, respectively.

What to Expect from BTC

Buyers are firmly in control, and the coin is bottoming up. With BTC bulls upbeat, ripping above $18.5k and $20k, there could be more in the short term, reading from the performance in the daily chart.

Resistance level to watch: $21.5k

Support level to watch: $20k

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

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