Technical market outlook of Bitcoin (cryptocurrency) :
Bitcoin's price is still consolidating amid the $20K range following a massive crash from $50K this new year. However, the BTC/USD rebounded from the price of $18k to reach the price of $21,800 (right now).
Bitcoin is inside in upward channel. Since six hours BTC/USD decreased within an up channel, for that Bitcoin its new highest $21,800.
Consequently, the first support is set at the level of $20k. Hence, the market is likely to show signs of a bullish trend around the area of $20k.
Bitcoin price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of $20,000 (Horizontal blue line).
In case of a bullish breakout, a reversal scenario, or at least a short-term bullish pullback towards the $23,879 and eventually the $23K levels, can be expected.
The RSI indicator is also trending above the 70 mark, indicating the relative dominance of the bulls over the market in the last few hours.
The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of $18k, $19k and $20k. Moreover, if the BTC/USD fails to break through the support prices of $20k today, the market will rise further to $23k so as to try to break it.
Conclusion :
Trading Bitcoin (BTC/USD) :
Bitcoin was one the best overall investment for 2020 and 2021. But, this crypto has knows a great fall from the highest price of $70k to $18k in July, 2022.
However, if you want to try to improve the growth of Bitcoin, thus it seems great to buy above the last bearish waves of $18k or/and $20k. Buy orders are recommended above the majors support rates of ($20k) with the first target at the level of $23k.
If the trend is able to breakout through the first resistance level of $23k ($23,879 - to test the 38.2% of Fibonacci retracement levels).
We should see the pair climbing towards the next target of $24k. The pair will move upwards continuing the development of the bullish trend to the level $25,500 - major ratio 50%.
It might be noted that the level of $25,500 is a good place to take profit because it will form a new double top in coming hours.