30.01.2023 05:04 PM
Bitcoin retestig buyers

Bitcoin dropped in the short term and now is located at 23,163 at the time of writing. After its strong rally, the rate could try to test and retest the near-term support levels before jumping higher.

The bias remains bullish despite the current drop. Bitcoin dropped by 4.12% from yesterday's high of 23,954 to 22,968 today's low. BTC/USD's further growth should help the altcoins to grow as well.

BTC/USD 22,781 As Support!

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BTC/USD is almost to reach 22,781 and the upper median line (uml) line again. These represent downside obstacles (resistance turned into support). As long as it stays above these levels, the rate could resume its upwards movement.

Temporary retreats or consolidating could announce that the rate attracts more bullish energy before reaching fresh new highs.

BTC/USD Outlook!

Testing and retesting the immediate downside obstacles, registering only false breakdowns may announce a new bullish momentum. The 22,314 former low represents a critical downside obstacle. Only a valid breakdown below it may announce a larger drop and invalidates the upside scenario.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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