This website uses cookies to ensure you get the best experience on our website

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020