BTC/USD Spikes to 17027.11: Sally Ho’s Technical Analysis – 8 January 2023
Bitcoin (BTC/USD) resumed its short-term upward bias early in the Asian session as the pair reapproached the 17000 figure after spiking to the 17027.11 level, its strongest print since 20 December 2022 and another test of the 38.2% retracement of the depreciating range from 18385.36 to 16273.40. Bulls are looking to see if BTC/USD can establish a constructive base above the 16880.44 area, representing a 23.6% retracement of the depreciating range from 21478.80 to 15460. Additional upside retracement levels in this depreciating range include the 17750, 18469, 19179, 20058, and 20190 levels. Traders recently drove BTC/USD as low as the 16326.16 area after Stops were elected …