BTC will reach the strong resistance?

Bitcoin / TetherUS (BINANCE:BTCUSDT)

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BINANCE:BTCUSDT Bitcoin / TetherUS

supportandresistance trendline volumestudies btc containsimage

Hi all,

BTC prices have been ranging between $16000 and $18000 since november 2022. This ranging lasts longer than I expected.
The break of $16K didn't happen as mentionned in my previous posts on BTC. On the contrary, prices seems to reach the upper side of this range, i.e $18000.

This week will be very important, in my opinion, with the following events:

FED chair Powell speaks tomorrow, tuesday Jan 10th
CPI on thursday Jan 12th (forcast: 6.5)

Possibly, BTC will reach the strong resistance area, around $18200-$18500, formed by the upper trendine of the descending channel and the weekly resistance.

I expect that BTC would be rejected once touching this strong resistance.

What do you think?

Have a nice and safe trading week!

코멘트:

The first move to reach resistance zone at $18500 was as predicted. Let's wait for next but in my opinion the rejection is unlikely to happen. In general, market sentiment is positive. Bullish move would continue until FOMC meeting 01/02.