Technical Analysis for BTCUSD for 17th January 2023
Bitcoin Surges 13% in 1 Week, Traders Expect More Gains above $21.5k
Past Performance of BTC
The leg up, anchored on December 2022 highs, has been impressive. To quantify, BTC is up 13 percent from $18.5k and could chart even higher in the days ahead. There is a technical formation supporting this preview, a net positive for optimistic traders expecting more gains in the days ahead. For now, every low above $20k presents an opportunity for traders to ramp up their dips, targeting $23k or better.
Bitcoin Technical Analysis
Bitcoin is solid and at around November 2022 highs. Notably, the expansion has been with rising trading volumes, an indicator of strength. Based on the past two days' performance, the failure of BTC to edge higher, with the momentum of mid-last week, may suggest fizzling momentum. The Jan. 15 bar closed as a bear bar, and there appeared to be profit-taking in lower time frames, forcing the coin lower. Presently, confirmation of last week's gains, pushing BTC above $21.5k, may see the coin take off towards $23k, an opportunity for buyers.
What to Expect from BTC
Buyers are upbeat, and the uptrend is defined. As Bitcoin aims to recover, bottoming up from spot levels, traders can search to accumulate on dips. This preview is valid provided BTC is above $20k and the dip with reducing volumes.
Resistance level to watch: $21.5k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.