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Technical Analysis for BTCUSD for 23rd January 2023

Bitcoin Rallies 10% in 3 Days, BTC Bulls Targeting $25k

Past Performance of BTC

Bitcoin added roughly 10 percent over the weekend, reading from the performance in the daily chart. The coin is within a bullish formation, trending above $21.5k and firm. It is an indicator that buyers are in control, and every low could, technically, offer an opportunity to double down.

Bitcoin Technical Analysis

BTC is within a bullish formation. At spot rates, the coin is up roughly 40 percent from December lows and possibly set for more gains. A noticeable development is the sharp surge above $21.5k and November highs. The breakout saw BTC add roughly 10 percent. Since bull bars are along the upper BB, traders may search to double down, adding their longs and targeting Q3 2022 highs at around $25k. This preview is valid provided prices are above $21.5k, and BTC bars are trending higher with expanding volumes.

What to Expect from BTC

The path of least resistance is northwards, and BTC is solid, within a bullish breakout formation. The immediate support is $21.5k and November highs. If prices are kept above this zone, there could be more upsides in the short to medium term.

Resistance level to watch: $25k

Support level to watch: $21.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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