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Technical Analysis for BTCUSD for 27th January 2023

Bitcoin Prices Consolidate Inside a Bull Flag, Support at Around $22.3k

Past Performance of BTC

Bitcoin prices are firm at spot rates, relatively stable in the last trading day, and within a bullish formation. Although yesterday was lower, the coin is above immediate support at $21.5k and $22k zone, an indicator of strength. Traders should watch out for how BTC pushes and close above $23.3k, confirming January 20 gains.

Bitcoin Technical Analysis

The path of least resistance remains northwards, reading from the price chart. Support is at $22.3k and around $21k, marking January 20 low, should sellers press on. On the upper end, buyers must break above the current consolidation at $23.3k and $23.8k, on January 25, for uptrend confirmation. Considering the formation in the daily chart, conservative traders can wait for a breakout in either direction. If buyers take control, breaking out above the bull flag, BTC may easily float to $25k in a bullish continuation formation. On the reverse side, losses below $22.3k may see BTC dump to $21k in a retracement.

What to Expect from BTC

Buyers are in control. However, the upside momentum is fading, per the formation in the daily chart. There is a bull flag as prices consolidate. A breakout in either direction would shape the short to medium-term formation.

Resistance level to watch: $23.3k

Support level to watch: $22.3k

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

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