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Tuesday, January 17, 2023

BitCoin Insight

BitCoin Insight

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

Hey, traders. Thank you for the comment and boost.
Today's chart is Bitcoin . Let's check it quickly.

We can see
1. The descending channel had broken.
2. the resistance on 21500.00, 22300.00, and 22800.00
3. the support on 20800.00 and 19600.00

We should check
Tuesday - China GDP, German CPI
Wednesday - BoJ Press Conference, UK CPI , EU CPI , US Core Retail Sales, US PPI, US Retail Sales
Thursday - ECB President Lagarde Speaks, ECB Publishes Account of Monetary Policy Meeting, US Building Permits, US Initial Jobless Claims, Philadelphia Fed Manufacturing Index, Crude Oil Inventories
Friday - ECB President Lagarde Speaks, US Existing Home Sales

We can expect
1. short-term drop by resistance on 21500.00
2. rebounding from 19600.00
3. upward movement to 22800.00

By resistance on 21500.00, the price had stopped upward movement.
For now, I'm expecting short-term drop to 19600.00 and this will be a chance to have Long position.
But, if the price just breaks the resistance on 21500.00, I will wait till 22800.00 for Short position for short-term drop.
Let's see if the price reaches where we are waiting.

Thank you for reading and hope this insight was helpful.

Analyzed by Han.

Via TradingView Ideas

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