Technical Analysis for BTCUSD for 19th January 2023
Bitcoin is Bullish, but BTC Closing Above $21.5k is Critical
Past Performance of BTC
Bitcoin Technical Analysis
BTC prices remain inside a $1.1k trade zone with caps at $21.6k on the upper end and $20.5k support. Even though buyers are in control, there must be a substantial push above this week's high with rising trading volumes. Any breakout placing BTC above $22k will confirm buyers of January 14, fanning the buying pressure. Being cautious, support is at $20k. As long as prices are above this line, aggressive traders may search for entries to double down in lower time frames.
What to Expect from BTC
Traders are optimistic and expect more gains in the days ahead. Note that there are lower lows versus the upper BB as momentum taper. A sharp breakout above $21.5k may trigger demand, lifting the coin solidly above November highs.
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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