Technical Analysis for BTCUSD for 18th January 2023
Bitcoin Slowing Down, May Pierce $21.5k in a Buy Trend Continuation
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance is northwards. Because BTC buyers are confident and the current momentum solid, there could be more opportunities to buy the dips at spot rates. Note that the immediate support is at $20k. Since BTC bars band along the upper BB and inches from breaking above $21.5k, aggressive traders can search for entries to double down. This preview will be null should BTC fall below $20k, marking Jan. 14 lows.
What to Expect from BTC
There could be more gains in the next few weeks. Although a contraction is inevitable, the immediate critical support lines lie at $18.5k and $20k, respectively. Provided prices are above these accumulation zones, traders may ramp up, targeting $23k, or better in the near term.
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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