Published 7 hours ago
The first half of January 2023 was notable for Crypto investors as it created a sense of market recovery. The New Year’s recovery will see a significant rally in most of the major cryptocurrencies, offering buyers who were on the sidelines an opportunity to enter. Therefore, Bitcoin’s recent breakout from a bullish continuation pattern known as a falling wedge could help buyers prolong the ongoing recovery.
Key Point:
- Bitcoin price subject to adjustment could be discounted by 12%
- A potential bullish crossover between the 20-day EMA and the 100-day EMA encourages additional buy orders for Bitcoin.
- Bitcoin’s intraday trading volume is $16.2 billion, showing a loss of 1.5%.
sauce-trading view
Bitcoin price showed a parabolic rise from local support at $16,350 as market sentiment improved. This bullish recovery registered a 26.7% growth and pushed the price to his current $20,700 level. As we mentioned in our previous article, BTC price has shown a bullish breakout from the resistance trendline of the falling wedge pattern.
Therefore, an upward breakout from this long-term trendline suggests an early sign of a trend reversal. However, recent price increases appear to have been more aggressive for time spent. As such, Bitcoin price is likely to fall next week to stabilize its bullish trend.
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BTC’s price is down 1.2% today and could see a correction over the next week. This drop could return to support levels at $20,250, $19,000, or $18,200 to replenish the bullish momentum. Long traders should therefore be aware of these support levels.
technical indicator
it’s not- The daily timeframe chart shows that BTC price has reached the 200-day EMA resistance. This dynamic resistance facilitates the potential pullback mentioned above.
MACD- The widening gap between the MACD and the signal line points to Bitcoin’s underlying bullish growth.
bitcoin price intraday levels
- Spot rate: 2070
- trend: bearish
- Volatility: Medium
- Resistance Levels – $21500 and $22600
- Support Levels – $20000 and $19100
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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