Greetings everyone

and welcome to this Sunday's night technical analysis for Bitcoin. I am LeaderIcarus and let's dig in.

Bitcoin Technical Analysis

Introduction

Bitcoin technical analysis is a way to predict the future price of bitcoin by looking at its past performance. It's not an exact science, it's more of an art and it can be very volatile, but it is a way to have a sense about what to expect in the week to come.

US authorities raised the interest rates

The US Federal Reserve raised the interest rates by 0.25%. This is expected to be the first of several increases in 2023, as the Fed seeks to tighten monetary policy in order to boost growth and support inflation.

The market reacted positively to this news, with both S&P 500 index futures and Dow Jones Industrial Average futures surging by over 1% on Thursday morning (January 25).

The price rallied on 2023

The price has been moving higher since the beginning of the year. It's still doing so, and it looks like it will continue to do so for some time. The price rallied during the past month by over 40%. This is the second pullback during the trend, so it is more likely that the uptrend will continue. The daily chart forms a bull flag pattern, which indicates that there is still room for price increases. In addition, when we compare with other cryptocurrencies that have been performing well recently (Litecoin, Ripple, ETH), Bitcoin has not yet reached its maximum level of growth and may continue to grow even more in the future.

The previous pullback 

The previous pullback was the EMA200 at $21,000. The EMA200 is a major support level, however it bounced off this level mid January and made another push back up towards $24,000 forming an ABCD pattern.

The next moves

As the current price is $22888 (UTC 20:00), there is some likely outcomes. Using the major EMA20 as a pivotal level, we can assume that If the price bounce before it touches the EMA20 the outcome should be only upwards to test the $25000 resistance level

If the price intercepts the EMA20 and breaks through it from there, then there are two possible outcomes.

• The first outcome is that we see a drop down towards $21318 (which is the EMA200 support level), and as buyers lose momentum in buying and sellers are trying to take some profit. This could trigger a further downside trend to retest the $20000, which is the EMA100 support level. I am convinced that there will not be further down, as the prices below the $20k was a result from the FTX collapse.

• The second outcome will be the rebound and breakout from the bullish flag towards previous local high at $24000. After this, it should be easy to test of the $25000 resistance level and the maximum $26000 for the current uptrend.

This pause of the uptrend is very healthy for the price to follow it further up.

As you can see from the chart, the price of Bitcoin is currently above its EMA200, so it's very likely that we will see an upward trend.

The price of bitcoin has been in a downtrend since 2021 and it was extremely difficult for us to predict how long and what kind of direction it would take. At this moment, we can say with certainty that there will be another rally soon because there have been many signs indicating that investors are beginning to believe again in cryptocurrency markets as well as blockchain technology itself.

Economical conditions are very fragile.

Inflation, recession, and the global economy on a slow down, so always use caution when trading.

• Don't trade based on emotions!

• Don't trade based on news!

Instead, trade according to your own opinion and predictions about the future value of Bitcoin (or any other cryptocurrency).

Conclusion

As you can see, the price is still moving higher but you need to be cautious. If it touches the EMA20 then we will see a continuation of the uptrend and if it stays above there is a chance that we are going to test $25000 again.

Stay Crypto/Stay Safe

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