Home Market BTCUSD and XRPUSD Technical Analysis – 17th JAN 2023

BTCUSD and XRPUSD Technical Analysis – 17th JAN 2023

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BTCUSD: Three Inside-Up Patterns Above $17323

Bitcoin’s bullish momentum continues from last week. After touching a low at $17323 on the 11th of January, the price corrected upwards and is currently trading above the $21000 handle in Europe’s trading session today.

The BTCUSD is showing an upwards trend, reaching $21390 on January 16th.

It is clear that we can see a three-inside-up pattern above $17323. This pattern is bullish and indicates a change towards an upward trend.

Bitcoin reached an intraday high today of 21288 and a low today of 20952 during the Asian trading session.

Bitcoin’s price is nearing a record high of $11 per month.

In the 30 minute time frame, the ichimoku indicates a bullish crossover between tenkan (kijun) and tenkan.

STOCH, Williams percent range indicate that the market is overbought. This means that prices are likely to fall in the near-term.

Bullish trends can be seen when the resistance to the channel is broken within the 15-minute window.

The relative strength index stands at 72.09, which indicates a strong demand for bitcoin and the continuation in the buying pressure on the markets.

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