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Technical Analysis for BTCUSD for 19th January 2023

Bitcoin is Bullish, but BTC Closing Above $21.5k is Critical



Past Performance of BTC

Bitcoin prices are flat-lining and lower at spot rates. After welcomed gains early last week, there could be signals of fizzling upsides. Still, the uptrend remains, and the inevitable correction may offer traders an opportunity to accumulate in lower time frames. The buy trigger is around $21.5k, while support is around $20k, marking January 14 lows.


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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