Technical Analysis for BTCUSD for 30th January 2023
Bitcoin Bulls Extend Gains, Next Target at $25k
Past Performance of BTC
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.
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