Past Performance of Bitcoin
The second half of the week for Bitcoin has been hot and cold. From the daily chart, the coin is within a bullish formation as the sparks of January 18 pushed the coin higher, reigniting demand. At spot rates, BTC is higher, within a bullish formation, and likely to spring towards registering new Q1 2023 highs.
#Bitcoin Technical Analysis
Bitcoin bulls are confident, reading from the formation in the daily chart. The coin remains within a bullish breakout formation, surging double digits. Every low above $20.5k, based on the candlestick arrangement in the daily chart, offers an opportunity to double down. Specifically, conservative traders can always wait for a breakout above $21.5k, or November 2022 highs, before loading the dip, expecting further gains towards $25k. This position will be especially valid should the surge be with rising trading volumes, mirroring those of last week.
What to Expect from #BTC?
Buyers are solid, and the uptrend in position. Still, a resurgence pushing BTC above November highs and unwinding FTX-triggered losses may form the foundation for a swing higher towards $23k and later $30k in a welcomed rally.
Resistance level to watch out for: $21.5k
Support level to watch out for: $20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
The second half of the week for Bitcoin has been hot and cold. From the daily chart, the coin is within a bullish formation as the sparks of January 18 pushed the coin higher, reigniting demand. At spot rates, BTC is higher, within a bullish formation, and likely to spring towards registering new Q1 2023 highs.
#Bitcoin Technical Analysis
Bitcoin bulls are confident, reading from the formation in the daily chart. The coin remains within a bullish breakout formation, surging double digits. Every low above $20.5k, based on the candlestick arrangement in the daily chart, offers an opportunity to double down. Specifically, conservative traders can always wait for a breakout above $21.5k, or November 2022 highs, before loading the dip, expecting further gains towards $25k. This position will be especially valid should the surge be with rising trading volumes, mirroring those of last week.
What to Expect from #BTC?
Buyers are solid, and the uptrend in position. Still, a resurgence pushing BTC above November highs and unwinding FTX-triggered losses may form the foundation for a swing higher towards $23k and later $30k in a welcomed rally.
Resistance level to watch out for: $21.5k
Support level to watch out for: $20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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