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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.

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