- Bitcoin (BTC) is in uptrend from past few days
- A decent chance for short-term investors
BTC is trading around its 50 EMA (the blue line) and is in an uptrend at the moment .The coin is currently at its resistance level.
Bitcoin on daily chart
The rectangular box made on the daily chart shows that price consolidated here for a long time and after it’s breakout it gave a huge up move which means that there was a strong demand zone at that level. At present the coin is at its resistance level and over here if the price consolidates for a while and then it gives breakout again we can see a bullish move again up to $31429.81 which is it’s next near resistance.
MACD – The MACD has crossed in a bullish direction. When the blue line of the MACD crosses the orange signal line upward, it is considered a bullish crossing. The bullish crossover of the MACD on the daily chart of BTC indicates a positive trend.
Relative Strength Index (RSI) – The RSI curve has crossed the 50-point mark at 88.38, according to the relative strength index (RSI). The RSI curve’s overbought zone has been crossed, indicating bullish momentum. The rise in coin prices has enhanced the value of the RSI curve. If the price continues to rise, the RSI curve can rise sharply.
Analyst view and Expectations
Short-term investors should look forward to investing if we see a bullish trend in the coming weeks, while long-term investors should wait to buy until we see a “Golden Crossover” [when the 200 EMA is cut from below by the 50 EMA, signaling a buying opportunity].
WalletInvestor predicted that BTC/USD will rise. According to the website, Bitcoin was a very wise long-term investment. According to WalletInvestor’s analysis of past price behavior, BTC/USD might trade at $25,373.90 in 2023 and soar to $47,496.74 in 2027.
The BTC/USD estimate was confirmed by DigitalCoinPrice, which also predicted that the cryptocurrency will increase more quickly in the next years, reaching $43,340.43 by the end of 2023.According to its BTC/USD estimate for 2025, the cryptocurrency, was expected to average $77,238.07 and reach $94,929.40 in 2027. The platform’s long-term BTC/USD estimate for 2030 predicted that the cryptocurrency will increase to an average price of $266,189.92.
Technical Levels
Major resistance -$41490.98
Major support -$15571.32
Conclusion
BTC appears to be moving in a positive direction. Investors with short time horizons have opportunities. In the coming weeks, there might be a bullish upsurge.
Disclaimer: The opinions expressed in this article, including those of any people mentioned, are the author’s own and are not intended to constitute advice on finances, investments, or other matters. There is a chance of suffering a monetary loss while buying or selling cryptocurrencies.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/16/decoding-the-digital-currencys-movements-a-technical-analysis-of-bitcoin/