Technical Analysis for BTCUSD for 30th January 2023
Bitcoin Bulls Extend Gains, Next Target at $25k
Past Performance of BTC
Bitcoin prices are higher when writing, trading above the $23.5k level and on a bullish path. The BTC candlestick arrangement in the daily chart shows that the immediate support is at $22.5k, marking the consolidation from January 21. The alignment with the formation of the better part of January solidifies bulls' confidence and may see the coin soar above $25k or better in the days ahead.
Bitcoin Technical Analysis
On January 29, BTC prices rose, trading above last week's highs. The result is a bull bar with decent trading volumes, an indicator of support. Therefore, traders can double down on dips above $22.5k, angling for more gains towards $25k or better. For this to take shape, today's prices must rise above yesterday's trade range. This way, the uptrend momentum would be sustained as prices break away from the bull bar following the consolidation from January 21. Technically, the upside trend remains as long as prices are above $22.5k and the November high.
What to Expect from BTC
Buyers are in charge, and the sentiment is valid as long as prices are firm and in sync with the general form in the past two weeks. At this pace, traders can target $25k in continuation of bulls of mid-January as BTC prices bottom after losses of last year.
Resistance level to watch: $25k
Support level to watch: $22.5k
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.
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.