#Bitcoin Upside Momentum Dropping, BTC Needs to Break $23.3k
Past Performance of Bitcoin
Bitcoin may be on a solid uptrend, but the momentum is fizzling. Buyers remain in charge but whether gains will be as rapid as in the past ten days remains to be seen. Notably, resistance remains at $23.3k and needs to be broken for the upswing to be valid. Technically, support remains at $21.5k, and as long as prices are above this line, buyers have the upper hand.
#Bitcoin Technical Analysis
The path of least resistance is northwards. However, in the short term, BTC may crater in a welcomed retracement. The uptrend will remain valid provided prices are above $2.15k, as mentioned earlier, but also within the bull bar of January 20. It will be the case, especially should the correction be with relatively low trading volumes. This will validate buyers from volume analysis preview, allowing traders to accumulate. Conservative traders may look to exit their longs and wait for entries above $23.3k, buying on dips and targeting $25k in the short term.
What to Expect from #BTC?
Buyers are upbeat but whether the uptrend will last or pump higher with the same momentum is yet to be seen. There needs to be confirmation of January 20 gains, pushing BTC to new Q1 2023 highs.
Resistance level to watch out for: $23.3k
Support level to watch out for: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin may be on a solid uptrend, but the momentum is fizzling. Buyers remain in charge but whether gains will be as rapid as in the past ten days remains to be seen. Notably, resistance remains at $23.3k and needs to be broken for the upswing to be valid. Technically, support remains at $21.5k, and as long as prices are above this line, buyers have the upper hand.
#Bitcoin Technical Analysis
The path of least resistance is northwards. However, in the short term, BTC may crater in a welcomed retracement. The uptrend will remain valid provided prices are above $2.15k, as mentioned earlier, but also within the bull bar of January 20. It will be the case, especially should the correction be with relatively low trading volumes. This will validate buyers from volume analysis preview, allowing traders to accumulate. Conservative traders may look to exit their longs and wait for entries above $23.3k, buying on dips and targeting $25k in the short term.
What to Expect from #BTC?
Buyers are upbeat but whether the uptrend will last or pump higher with the same momentum is yet to be seen. There needs to be confirmation of January 20 gains, pushing BTC to new Q1 2023 highs.
Resistance level to watch out for: $23.3k
Support level to watch out for: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
