Bitcoin Technical Analysis : BTC/USD 4 January 2023

Bitcoin Technical Analysis : BTCUSD

Date : 4 January 2023

Pivot point : 16570

Our preference : the upside prevails as long as 16570 is support.

Alternative scenario : the downside breakout of 16570 would call for 16210 and 16000.

Comment : the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 16726 and 16704).

Supports and resistances :

17700 **
17490 *
17270
16846 – Last price
16570
16210 *
16000 **

Warning : This information isn’t a buy-sell signal.

Source : Trading Central

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