The first half of January 2023 has been remarkable for Crypto investors as it created a sense of recovery in the market. The new year recovery soars a majority of major cryptocurrencies’ significant heights, offering entry opportunities to side-lined buyers. Thus, the Bitcoin price’s recent breakout from the bullish continuation pattern called the falling wedge could assist buyers in prolonging ongoing recovery.
Key points:
- The Bitcoin price poised for a possible correction may get discounted by 12%
- A potential bullish crossover between the 20-and-100-day EMA encourages additional buying orders in Bitcoin.
- The intraday trading volume in Bitcoin is $16.2 Billion, indicating a 1.5% loss
Source-Tradingview
With the improving market sentiment, the Bitcoin price showed a parabolic rally from the local support of $16350. This bullish recovery registered 26.7% growth which pushed the prices to its current value of $20700. As mentioned in our previous article, the BTC price gave a bullish breakout from the resistance trendline of the falling wedge pattern.
Thus, an upside breakout from this long-coming trendline hints at an early sign of trend reversal. However, it seems the recent price jump was more aggressive for the spending time, and therefore, it is more likely the Bitcoin price may witness a downfall in the coming week to stabilize the bullish trend.
Also read- CRYPTO TELEGRAM CHANNELS LIST 2023
Today, the BTC price is down 1.2% and will trigger a potential correction for the coming week. This downfall may revisit the $20250, $19000, or $18200 support levels to replenish the bullish momentum. Thus, long traders should watch for these support levels as they may provide a pullback opportunity for interest traders.
Technical indicator
EMAs- The daily time frame chart shows the rising BTC price hitting the 200-day EMA resistance. This dynamic resistance encourages the potential pullback mentioned above.
MACD- the increasing gap between the MACD and signal line signal the growth in underlying bullishness in Bitcoin.
Bitcoin Price Intraday Levels
- Spot rate: 2070
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $21500 and $22600
- Support levels- $20000 and $19100
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