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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 is pumping, evident in the daily chart. As of writing, BTC is up double digits in the last trading week, and the coin is firm above $20. At this pace, the coin may not only close above $21.5k, the immediate resistance line, but edge past $23k, confirming the bulls of mid-last week. Per the current candlestick formation, every low above $20k may offer entries for bulls.

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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