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
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
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