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Technical Analysis for BTCUSD for 17th January 2022

Bitcoin Pinned below $45k amid Fears of Further Weakness

At the Rio Innovation Week, the city's mayor, Eduardo Paes, told Francis Suarez, his counterpart from Miami, that he wants to allocate one percent of their reserves to purchase Bitcoin.

Past Performance of BTC

When writing, there are glimmers of hope for Bitcoin, but buyers have failed to stamp their authority. Currently, the BTCUSDT prices are pinned down by sellers, trailing the greenback continuing the bear breakout formation of early November 2021.

Bitcoin Technical Analysis

There is a series of encouraging higher highs relative to the lower BB from the daily chart. However, the failure of BTC bulls to close above the middle BB and confirm gains of early last week is diffusing valuable upward momentum. Ideally, a close above $46.5k could trigger demand, even lifting BTC towards $50k and later $53k. Reading from the BTCUSDT formation in the daily chart, a close below $41.7k and below the end of last week's consolidation may force prices back to $40.3k—or worse in the short-term.

What to Expect of BTC

BTCUSDT prices are in range mode. Even though buyers stand a chance, prices are within a negative gradient, capped below the middle BB. A high volume close above $45k may pump prices towards $46.5k and later $450k. Conversely, losses below $41.7k will signal weakness, continuing the established trend of mid-Q4 2021.

Resistance level to watch: $45k

Support level to watch: $41.7k

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

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