• Home
  • Contact
  • Privacy Policy
  • Store
my forex coaching
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
my forex coaching
No Result
View All Result
Home Technical Analysis

Bitcoin Bulls Bounce Back After Double Digit Gain

Forex Tips by Forex Tips
January 14, 2023
in Technical Analysis
0
Bitcoin Bulls Bounce Back After Double Digit Gain
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


BTC/USD Outlook: Bearish Below $18000

  • Bitcoin bulls gain traction above prior resistance turned support at key psychological level of $19000
  • BTC/USD posts double digit gains as bulls’ eye 2017 high
  • Cryptocurrency buoyed by USD weakness

Recommended by Tammy Da Costa

Get Your Free Bitcoin Forecast

Bitcoin prices have benefited from a weaker US Dollar that has continued to drive the demand for risk assets. As the FTX debacle and restrictive monetary tightening remain key catalysts for the major cryptocurrency, both technical and fundamental factors will likely contribute to driving the short and longer-term move.

With expectations of a less-hawkish Fed and a shift in sentiment supporting the recent move, a breach of the 2018 high $17234 provided BTC/USD the opportunity to retest $19000.

After months of trading within the confines of a well-defined range below the 50-day MA (moving average) around $16995, a break of the $17000 psychological level has allowed bulls to drive prices back towards the 200-day MA holding as resistance at $19510.

Bitcoin (BTC/USD) Daily Chart

Chart, line chart  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

Recommended by Tammy Da Costa

The Fundamentals of Range Trading

Bitcoin (BTC/USD) Technical Levels

While a move higher could bring the 2017 December high of $19666, BTC/USD has risen over 12% over the past week which could place pressure on the upside move.

If bullish momentum gains traction above $19500, a retest of $19666 and above $20000 could pave the way for short-term continuation towards $22781.

Bitcoin (BTC/USD) Weekly Chart

Bar chart  Description automatically generated with low confidence

Chart prepared by Tammy Da Costa using TradingView

However, as the macro-economic backdrop continues to weigh on speculative assets, a move below $19000 and below $17792 could continue to drive bearish momentum driving BTC/USD back towards the 50-day MA at $16695.

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707





Source link

Share76Tweet47

Related Posts

EUR/USD Doesn’t Look Ripe for a Break Above 1.10 Ahead of H.8 Data

EUR/USD Doesn’t Look Ripe for a Break Above 1.10 Ahead of H.8 Data

by Forex Tips
March 28, 2023
0

US Dollar, Euro, EUR/USD – Outlook:Upside in EUR/USD could be capped ahead of US H.8 data.Downside in EUR/USD could...

Gold Could Find It Tough to Crack $2000

Gold Could Find It Tough to Crack $2000

by Forex Tips
March 28, 2023
0

Gold, XAU/USD - Technical Outlook:Gold’s rally is showing signs of fatigue.$2000 is quite strong psychological and technical resistance.What are...

Downside Momentum Fading with Falling Wedge in Focus

Downside Momentum Fading with Falling Wedge in Focus

by Forex Tips
March 28, 2023
0

Natural Gas, RSI Divergence, Falling Wedge – Technical Update:Natural gas prices continue aiming lower in recent weeksBut, downside momentum...

Japanese Yen Price Action Setup: USD/JPY, AUD/JPY, EUR/JPY

Japanese Yen Price Action Setup: USD/JPY, AUD/JPY, EUR/JPY

by Forex Tips
March 27, 2023
0

US Dollar, Euro, Australian Dollar Vs Japanese Yen – Price Action:USD/JPY looks drop toward its January low of 127.20.A...

Our data shows traders are now net-short Wall Street for the first time since Mar 07, 2023 when Wall Street traded near 32,870.10.

Our data shows traders are now net-short Wall Street for the first time since Mar 07, 2023 when Wall Street traded near 32,870.10.

by Forex Tips
March 20, 2023
0

Number of traders net-short has increased by 13.24% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIWall StreetBULLISH49.54%50.46%-14.36%...

Load More

Recent Posts

  • EUR/USD Doesn’t Look Ripe for a Break Above 1.10 Ahead of H.8 Data
  • How to Determine Forex Entry Point With Confirmation
  • DAX 40, FTSE 100 May Stabilize Further as Retail Traders Boost Bearish Exposure
  • Gold Could Find It Tough to Crack $2000
  • Downside Momentum Fading with Falling Wedge in Focus
Forex Pulse Detector

Categories

  • Alerts
  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.