NewsletterBitcoin Price Prediction 2023: This Bullish Pattern Bolsters BTC To Escape Dormant Market Condition
Bitcoin price prediction 2023: The Bitcoin technical chart shows growth in underlying bullish momentum as prices are obtaining suitable support above $16350. Moreover, the coin price uses this level as the base support for forming a double bottom pattern. A possible breakout from the patterns resistance trendline will provide a long entry opportunity for traders.
Key points
- Double bottom pattern breakout may encourage BTC price for an 8.17% jump
- A bearish reversal from $17000 will weaken the bullish momentum
- The intraday trading volume in Bitcoin is $22.3 Billion, indicating a 14.2% loss
Source-Tradingview
The Bitcoin price is currently stuck in a temporary range-bound movement and continues to wobble between two definite levels of $17000-$16350. This consolidation phase has lasted for more than two weeks now and created a sense of uncertainty in the crypto market.
Furthermore, on December 30th, the coin price rebounded from the $16350 support and triggered a new bull cycle within the narrow range. As a result, the price has surged 2.35% from this support and currently exchanging hands at $16726.
Also read: Bear Or Bull Run? What To Expect From Crypto Market In 2023
Furthermore, the daily chart showcased this consolidation phase as a double-bottom pattern. In theory, this bullish reversal pattern showcases two bounces back from a horizontal level, indicating the price sustainability above support.
Thus, with sustained buying, the Bitcoin price will continue to rise and rechallenge the $17000 neckline resistance. A daily candle closing this barrier will release the trapped momentum and signal the end of ongoing consolidation.
Therefore, a post-breakout rally may rise to $17300, followed by $18375.
Conversely, if the buyers fail to surpass the $17000 barrier and revert back, the current consolidation phase will be prolonged for new trading days.
Technical Indicator
RSI: for the two rebounds mentioned above, the daily RSI slope has moved upward. Thus, This bullish divergence indicates the buying pressure is rising within the range, and a high probability lies for a bullish breakout from the $17000 barrier.
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EMAs: the downsloping 20-day EMA is wavering near the local support of $16750, assisting sellers in stalling or undermining the possible bullish recovery.
Bitcoin Price Intraday Levels
- Spot rate: $16718
- Trend: Bullish
- Volatility: High
- Resistance levels- $16750 and $17000
- Support levels- $16300 and $1500
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