Technical Analysis for BTCUSD for 26th January 2023
Bitcoin Upside Firm, Liquidation Pressure at $23.3k
Past Performance of BTC
Bitcoin prices are steady at spot rates, up in the past two weeks but flat in the past few days. Even though the uptrend is valid, the accompanying momentum is a concern. From the daily chart, buyers have failed to follow through, confirming gains of January 20. BTC must clear this week's highs at around $23.3k to validate the trend from mid-January 2023.
Bitcoin Technical Analysis
Overall, buyers are in charge. However, there must be confirmation in the near term. The tight consolidation inside the January 20 bull bar is favorable for buyers. A close above $23.3k would affirm the uptrend, paving even more upswings toward $25k. For now, traders might find entries to accumulate. This would build up the bullish momentum. Still, the preview is only valid whenever BTC is above $21.5k. If there are losses below the January 20 low and $21.5k, the uptrend might be paused, allowing BTC to cool off, possibly driving the coin back to $20k.
What to Expect from BTC
Although buyers are confident, there must be gains above the current consolidation in the next few days. The zone between $23.3k and $21.5k is critical, and could shape the near to medium term.
Resistance level to watch: $23.3k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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