#Bitcoin Prices Inside a Bull Flag, Support at $22.3k
Past Performance of Bitcoin
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 out for: $23.3k
Support level to watch out for: $22.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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 out for: $23.3k
Support level to watch out for: $22.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
