FX.co ★ Trading plan for Bitcoin for January 17, 2022

Technical outlook:

Bitcoin has carved a meaningful upswing through $44,500 after having dropped to $39,500 lows on January 10, 2022. The crypto has further pulled back toward $41,800-900 mark over the past week. Ideally, the next leg should be higher from here and push through $48,000 and $52,500 mark going forward. A break above $44,500 mark will accelerate higher.

Bitcoin bulls are looking poised to hold above $39,500 lows and push through $52,500 at least, before deciding on a further direction. Even if a major top is in place around $69,000 levels, a minimum push through $52,500 remains possible. On the other hand probability remains high for a new all-time high above $52,500 mark.

Either way, we would like to maintain our bullish projection at least toward $52,500 mark if now higher. Immediate price resistance is seen at $48,000 mark, followed by $52,500, while support is fixed around $39,500 respectively.

Trading plan:

Potential rally toward $52,500 against $39,500

Good luck!