empty
 
 
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!

This image is no longer relevant

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
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback