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Bitcoinanalysis

It seems that the Bulls are planning to attack $17,000Bitcoin has started its work today with strong upward momentum, and it seems that the Bulls are planning to attack $17,000. Bitcoin reacted positively the previous day by being supported in the $16,650 range. Bitcoin Dominance has broken both dynamic and static support and can now further decline after a pullback, and the trend can turn bearish in the 4-hour timeframe. Note that the RSI is above 50, and the price trades above the 100 hourly simple moving average. If Bitcoin can overcome the $16,800 resistance that it is currently struggling with, the serious resistance in front of it will be $17,000. Conversely, if it cannot stabilize its price above $16,800, the next major support is $16,680. With this support broken, the next key support in the $16,650 area is its next destination. We will update you with any important changes.
by MonoCoinSignal
38
#Bitcoin Bulls Rejecting Lower Prices; Will BTC Break $17k?Past Performance of Bitcoin Bitcoin started yesterday strongly, adding three percent, only to flatline in subsequent sessions. When writing, momentum is fading, slowing down the uptrend, and puncturing bulls' optimism. Technically, there could be room for buyers. However, for buyers to tighten their grip; there must be sharp gains above yesterday's consolidation, ideally above $17k. #Bitcoin Technical Analysis There is a bull bar in the daily chart. The problem is that there is a long upper wick suggesting rejection in lower time frames. Zooming into the 4HR chart, there are lower lows versus the upper BB, meaning weakness and low participation. The good news is that prices are within the bull bar printed in the Asian session, an indicator of resilience. Still, prices need to break above $17k, ideally with expanding volumes, should this optimistic preview take shape. What to Expect from #BTC? Buyers are hopeful though prices are in range, reading from trends in the daily chart. Sellers are in charge as long as prices are below $17k and $17.5k, but buyers stand a chance as long as they hold above $16.5k. Resistance level to watch out for: $17k Support level to watch out for: $16.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
Bitcoin – last pump before crash!Hello, my dear friends! Last time I told you that Bitcoin should grow to $17200 before the crash. This pump is going to print wave C. Today we are going to consider the wave’s C underlying structure to reveal where the price can reverse. Let’s take a look at the 1h time frame on the WHITEBIT:BTCUSDT chart. I suppose that wave 3 has been finished becuase it has already reached the 1.61 Fibonacci extension level, the natural target. Moreover, the maximal Awesome Oscillator value corresponds to the wave 3 top. Now BTC is forming the wave 4. The most likely target for this wave has been already reached at the 0.38 Fibonacci retracement level. After a short sideways move I expect the last leg up in the wave 5 before the anticipated crash. Wave 5 has two targets. The conservative one is the $17070 , the positive one is $17245 . Best regards, Ivan ________________________________________________________________________________________________ If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!
by Skyrexio
21
Ultimate Technical Analysis of Bitcoin-Correlation-DXY/Dollar Hello everyone, hope you all are doing good. As I said I will be posting an idea how Bitcoin is corelated to DXY/Dollar, so in this am going to explain the S&P500+Bitcoin-->Correlation-->DXY/Dollar. Guys this is very important to understand so please check the chart carefully an if you have any questions, please do comment. DXY/Dollar: DXY/Dollar is the ultimate chart to understand the overall markets and analyze the Economy if it is healthy or unhealthy state. DXY/Dollar (Uptrend) in Macro/Long time frames--> (US economy is outperforming other big economies + Federal Reserve raising interest rates) Analyse DXY in Past (Macro uptrend/Bull(A)): -Overall DXY was moving in a massive Descending Triangle Pattern Which Breakout in Jan-2015. -DXY is in Parallel channel from the year 1988 to 2002. -I marked the Upper zones (roughly from 120 to 160) and Lower zones (roughly from 70 to 80). -In the past years 2000 to 2002 DXY was topped out reaching the peak at 120 and failed to breakout from the parallel channel forming a Bearish Divergence and dropped massively to 70. (While DXY is forming Bearish Divergence in RSI, S&P500 is topped out and slowly down Trending and S&P500 formed its 1st Lower Low) -And the momentum of DXY is downwards and keep falling and bottomed out at 70. (S&P500 slowed down its downtrend momentum forming a Bullish Divergence in RSI -> moved in Uptrend forming Double Top. -DXY (77 to 70 DXY made Bullish Divergence in RSI) is Bottomed and moved with high volatility in upside direction. (S&P500 fell massively forming its 2nd Lower Low). Analyse DXY (Macro uptrend/Bull(A)): The parallel channel from the year 1988 to 2002 --> is something similar to the current Parallel channel from 2007 to current (2022). Currently in 2022 DXY in smaller Time Frames formed only 1-layer of Bearish Divergence in RSI compared to past and it is complete. (But the overall Bearish Divergences is incomplete in longer Time Frames or incomplete in Multiple Layers of Divergence). Conclusion1: I see many people saying DXY is inversely corelated to stocks or Bitcoin, but after deeply analyzing the charts, in macro–Time Frames DXY is directly corelated to other markets (Bitcoin/S&p500), but in micro time frames DXY is inversely corelated (mainly when DXY is in high volatility in small Time Frames). What does this mean for Bitcoin? when high volatile move of DXY (upside/downside mainly after Divergences formed and in smaller Time Frames) -> Bitcoin is very high volatile(inversely). when DXY is in consolidation or moving sideways -> Bitcoin is in slow form of Uptrend. I found this interesting as: A. Real world Currencies (Dollar <-----> other currencies). B. Digital/Crypto Currencies (Bitcoin <----> other Alt coins/other crypto currencies) The working system of A is almost similar to B.A-system works based on economy, but I didn't get on what basis B works? may be how much money you put in. Conclusion2: Bitcoin is a new asset which was not there before 2000's, so we have to see what Bitcoin does as a new class asset. So, in the past when DXY has Bottomed at 70 -> S&p500 was in sideways for almost 8years with Double Top formation + Bottomed at 2nd Lower low. 1.Is DYX is in Topping process or already Topped or will it Breaksout from the Parallel channel? As per RSI there is no Divergences formed until now (Jan2023), so Topped or Topping process is not confirmed, but there are chances DXY will create higher highs. May Breakout also, for this to Analyse DXY need another 6 to 12months time to confirm for Breakout or Breakdown. 2.What will happen if DXY gets topped out during the year 2023 roughly at 120 or something? If this plays out, then history repeats, not exactly but something similar can happen like the past. for example, like S&P500 making Double Top formation, create Lower Lows and Bottoming at 2nd lower low. Bitcoin most probably can also create Double Top Or lower than 69K and 1st lower Low was in 2022-15500usd and 2nd lower Low can be formed in 2023. 3.What will happen if DXY will Breakout massively from the parallel channel to reach 150 or 160? If DXY Breakouts it forms a new trend, then in Macro Time Frames S&P500 and Bitcoin will be in Uptrend. Conclusion2: Actually, compared to past history, after DXY topped out forming Bearish Divergences after than S&P500 formed Bullish Divergences and put its 1st Lower Low. But currently (Jan2023) DXY did not topped out and did not form Bearish Divergences yet, but S&P500 formed Bullish Divergences (Is this 1st lower low for S&P500?). (Past and current XXX fractal). Final Thoughts Will DXY Breaksout to 150 or 160 mark or will it Breakdown to 70 or 80? For this to confirm DXY needs at least another 6 months duration from now, may be in Q3/Q4 we can get more data to confirm. Thanks a lot, please like, share and comment if you have any questions or thoughts, please follow me for more updates.
TVC:DXY
by nmchary
BTC Technical Analysis 1st Quarter!Greetings and Happy new Year fellow Investors Traders and ofcourse beez! In our today's post we will analyze BTC next moves in the upcoming months (Q1), taking into account all technical factors that may affect the price behavior and consequently price volatility . In particular from a technical point of view, BTC after testing the area around 18400$, it created a huge Bearish Orderblock ( Resistance area ), effective immediately, and reached the PoC (point of control at the level of 16550$ and has been consolidating since then. It is also important to mention that, Bullish Divergence in Volume has been forming since then in the Chart: Volume decreases steadily - Price making higher lows, hence Bulls are in control. Taking under consideration all these statements, let's get to it! As we can clearly observe on the chart, we retested the minor Orderblock at 16800$, and the price retraced to the PoC immediately! That's a good sign considering big moves tend to occur, after a huge period of consolidation. Planning forward, after retesting the lows at 16350$ in the forthcoming days, we expect price to move accordingly: Test the HUGE Orderblock at 17700$, Reject to the newly formed lowest resistance at 16800$ Retest the Bearish Orderblock Consolidate inside the area between 17700$ -18400$, building up capital for the next leg up Market makers move the Price to SL hunt area, liquidating retailers, and convincing them a leg down is on the rails. Price pumps breaking the OB and finally filling the Fair Value Gap Area around 19500$ - 20000$, building inner confidence to the retailers, indicating us a Reversal. TIP: Reversals do tend to occur, when everything indicated the opposite! Breaks all support areas and creates a new low below 15500$. Consequently after analyzing the technical perspective, we plan to move based on the above-mentioned! Keep in mind though, when everyone seems optimistic, be pessimistic, and visa versa. IMPORTANT: This is strictly a Technical Analysis and Fundamentals CAN affect our Analysis! Not a Financial Advise! Trade with Caution! Best Regards, CryptoQueens.
Long
by Crypto_Queens_Official
BTCUSD LONG SELLBitcoin is the world’s most traded cryptocurrency, and represents the largest piece of the crypto market pie. It was the first digital coin and as such, remains the most famous and widely-adopted cryptocurrency in the world. It's the original gangster in whose footsteps all other coins follow. The birth of Bitcoin was the genesis of an entirely new asset class, and a huge step away from traditional, centrally controlled money. Today, many advocates believe Bitcoin will facilitate the next stage for the global financial system, although this — of course — remains to be seen.
OANDA:BTCUSDShort
by Verifiedtrader07
BTCUSD weekly (04/01/2023)Happy New Year to all traders! I have been waiting for a while and accumulating for these purchase points in Bitcoin, here I leave you a new comparative analysis of the weekly BLX on a logarithmic scale together with the Bitcoin Logarithmic Curves and the Rainbow Price Chart. On this occasion, the purchase points with the highest historical profitability in BTC have been analyzed with various indicators: - 200MA hold or brief break - PA on a macro scale with very high pressure points -RSI touching the lower bands (all of them as minimums of the previous cycles) -BLGC the logarithmic curves in minima - BRPC maximum sales accumulation points In my opinion, I think we are facing the best buying opportunities, perhaps with the best point at 15k or around a few days ago. I am sure that the true BTC and Blockchain maximalists are taking action in these areas. A strong greeting and I wish you a wonderful year! ---------------------------- ¡Feliz año nuevo a todos los traders! Llevo tiempo esperando y acumulando para estos puntos de compra en Bitcoin, aquí les dejo un nuevo análisis comparativo del BLX semanal en escala logarítmica junto con las Curvas Logarítmicas de Bitcoin y el Rainbow Price Chart. En esta ocasión, Se han analizado los puntos de compra con mayor rentabilidad histórica en BTC con diversos indicadores: - 200MA espera o breve descanso - PA en escala macro con puntos de presión muy altos -RSI tocando las bandas inferiores (todos ellos como mínimos de los ciclos anteriores) -BLGC las curvas logarítmicas en mínimos -Puntos máximos de acumulación de ventas BRPC En mi opinión, creo que estamos ante las mejores oportunidades de compra, quizás con el mejor punto en 15k o hace unos días. Estoy seguro de que los verdaderos maximalistas de BTC y Blockchain están tomando medidas en estas áreas. Un fuerte saludo y les deseo un maravilloso año!
BNC:BLXLong
by AVNGL01
#Bitcoin Moving Sideways As Volatility Drops, Buy Trigger at $17Past Performance of Bitcoin Bitcoin's volatility continues to taper, per the formation in the daily chart. This development impacts trading activity, worsening sentiment, especially when bulls fail to convince market participants. Technically, the path of least resistance is southwards as bulls hang on, oscillating above primary support at $16.5k. It is crucial for buyers to close above $17k and reaffirm the confidence buyers had in prices in late December 2022. Briefly, prices spiked, but there was no follow-through. #Bitcoin Technical Analysis BTC prices are inside a tight trade range, moving horizontally with decreasing volumes. From the daily chart, buyers have support at $16.5k. Meanwhile, there must be a convincing close above $17k, or December 20 highs, for confirmation of the uptrend--a move that could possibly pumping prices. Since gains of early this week are yet to be confirmed, conservative traders can wait for trend definition. Any surge above $17k may spark demand. Conversely, losses below $16.5k will dampen sentiment, forcing BTC lower, aligning with sellers of early November 2022. What to Expect from #BTC? Prices are range bound. Overall, sellers are in charge, but this can change if there are gains above the current consolidation towards $17k and even $18.5k. Resistance level to watch out for: $17k Support level to watch out for: $16.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
#Bitcoin Up 2%, Bulls Must Clear $17k for Uptrend to be ValidPast Performance of Bitcoin Bitcoin is up roughly two percent from 2022 lows at press time. Amid this development, BTC remains bearish in the short term. This preview will only change once there are substantial gains above $17k and $17.5k. It will be a breakout above the immediate resistance levels. Ideally, this ought to be with rising trading volumes. If not, any contraction below $16.5k will pressure the coin. #Bitcoin Technical Analysis The coin is firm as of writing, following yesterday's gains. Day traders may look for entries to ride yesterday's bull bar if there is a spillover. However, swing traders can wait until there are clearer trends. A close above $17k and December 20 bar might be the beginning of another leg up toward $18.5k or better. On the more cautious side, losses below $16.5k and November 30 loss, puncturing yesterday's momentum, may slow the upside. In that case, BTC may drop even lower, registering a new multi-month low towards $12k. What to Expect from #BTC? Sellers are in control. Despite recent gains, there is little to write about BTC in the near term. Unless there are gains above $17.5k, bears are in control. An important liquidation line in the medium term is at $18.5k; bulls must reclaim this level for the uptrend to take shape. Resistance level to watch out for: $17k Support level to watch out for: $15.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
Bitcoin TA 2022 - Yearly Candle Pattern-LifeCycle Of Bitcoin.Hello everyone, hope you all are doing good. As I saw many people focusing on Yearly Candle patterns of Bitcoin, so I thought to make a Bitcoin Analysis and Observe it in a bigger perspective. This Bitcoin Analysis is not a financial advice, cryptocurrency market is highly volatile and highly risky, so please do research before trading. It's a New Year season, so I Wish everyone a Happy new year-2023 to you all. Please don't feel bad about me on my current Bitcoin Analysis, since chart speaks everything, am sorry to say but Bitcoin looks bad as of now, the trend is breaking down, If the current year candle-2022 closes above 29k than we are safe and can expect the continuation of trend in upside direction. No means it's a point of concern for every one of us. I also explained everything in the chart, please check it in detail. Thank you, and please like and share my idea/comment if you have any questions.
BNC:BLX
by nmchary
1
The Third Eye IntuitionAfter a significant amount of eyes peering at the previous "Second Thought" chart, my third eye recalibrated to a more accurate senario that also aligns with some significant dates and measures. A VERY LIKELY SENARIO 1. Four Hundred Fourty-One days ends a cycle in the eyes of W.D. Gann, and that puts us at 1-20-23 2. Using the Gann Star and placing the .5 at our most peculiar low reveals a larger time frame and also 1-20-23 bottom area. 3. The date will be 1-19-23, that our bottom first touches, then 1-20-23 it touches for a double bottom 4. That leaves us with 15th, 27th, 8th, and 20th to concern ourselves with as turn dates for other waves. 5. We also have ~14276, ~11592, ~9027 (bottom) to concern ourselves with.
BINANCE:BTCUSDShort
by CryptoWhether
4
Bitcoin will crash exactly at this level!Hello, traders! Last time I made an analysis on Bitcoin where I told about the imminent pump to collect the stop-losses of the short traders. Now it looks like the Bitcoin is following my plan and today we have the information which can help us to dive more accurate target. Let’s take a look at the 4h time frame on the WHITEBIT:BTCUSDT chart. I want to briefly remind you my main idea. We had 5 waves cycle to the downside as a wave 1 of the higher degree. Now BTC is printing the corrective wave 2, which is represented as a zigzag ABC. Waves A and B have been finised. The wave C now is in progress. In general Bitcoin wants to grow to $17200 to fulfill at least the 50% of the imbalance candle. This target acts as a magnet for the market maker. Moreover, this area is located just above the bright local highs, which means that a lot of stop-losses are hidden there. We can also look at the underlying structure of the froming wave C. I suppose that Bitcoin have already formed the waves 1 and 2 and we are waiting for the wave 3 finish. This local wave has 2 targets. The conservative one has been already reached at $16756 which is 1 Fibonacci extension. We can now see the reaction, but I think price will reach the $16940 as the wave 3 most likely target. Anyway the entire wave C should touch $17200 before the huge crash. Follow the updated to this idea where I am going to consider the Elliott waves on the 15 min time frame. Best regards, Ivan ________________________________________________________________________________________________ If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!
by Skyrexio
19
Bitcoin Deep analysis Lets analyz deeply In Bigger Picture we can Clearly See Btc consolidating In Descending Broadening Wedge (Its bulish Pattern) And if we look Closer Then we Have Descending Channel Too For bulish momentum Btc Needs to clear descending Channel,s Resistance (18800 to 19200) Then we Have Another Resistance Is In Between (20800 to 21300) Area Once Btc Cleared Trendline Resistance Then Expecting Bulish rally Iat Least For Midterm (Expecting Move towards 45k) Keep In Mind Btc will Remain in downtrend Until descending Broadening Wedge,s breakout In These analysis Ii discussed Technical Outlook according Price action)
Long
by Worldofchartsfx
1
#Bitcoin Volatility Taper, BTC is Above a 2-Month Support LevelPast Performance of Bitcoin Bitcoin prices closed in the year 2022 with evidently tapered volatility. That uneventful price action spilled over to 2023. At spot rates, BTC is bearish, steady in lower time frames, and sellers remain in charge as long as prices are below $17k. In the days ahead, traders can monitor price action and watch how prices react at immediate support and resistance lines. #Bitcoin Technical Analysis At spot rates, Bitcoin is bearish, as mentioned earlier. The immediate resistance line is at $17k, marking December 20 high. A solid push above $17.5k with expanding volumes may see the coin rally to $18k, confirming gains of late November. However, before then, traders should closely watch price action, checking how prices react at $16.5k. Any losses below this reaction line may trigger a sell-off that may see BTC drop toward $15.5k in a bear trend continuation level. What to Expect from #BTC? BTC is under pressure, but this can change if the current consolidation becomes an accumulation. As it is, the December 20 and November 30 bull bars are significant, marking immediate support and liquidation levels. How prices break out from the tight $300 range Bitcoin is currently stuck in would ultimately shape the near-time price action. Resistance level to watch out for: $17k Support level to watch out for: $16.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
Bitcoin TA - Bottom and Next Cycle -> from 2023 to 2024 Hello everyone, hope you all are doing good. This Bitcoin technical analysis is not a financial advice. Cryptocurrency is a very high volatile and high-risk market, so please do research on your own before trading. Previously shared analysis of Bitcoin was about observing the overall life cycle. (Elliotte wave theory and its own patterns) This analysis is only for the year 2023 and 2024 about finding possible Bitcoin Bottom and the next counter move/next Top until next Halving. 1.The Tools I used for Analyzing: Various Patterns and channels Fibonacci retracement Volume Profile RSI, MFI and other indicators/oscillators. Observation1: As explained inside the chart, generally in trading, price moves in patterns whether it is triangle or parallel or cup shape or V-shape or zigzag or head and shoulders or any kind. Patterns get created in a concentric way one inside the other based on lower time frames to higher, in general if the price breakout or breakdown from one shape it will enter into other bigger shape/parent shape. Currently we are trading inside a smaller Descending triangle (Green) which in turn inside a bigger Descending triangle (Red). Price respects this Green Descending Triangle, so technically Bitcoin will not Breakdown, perhaps it keeps testing the bottom line. If Bitcoin Breakdown it will be a disaster, then we have to think about it. Conclusion1: I personally think 15473usd is the Bitcoin Bottom of the year 2023. Currently if Bitcoin puts another lower low, still it will be on the bottom line of this green Descending triangle (may be 14345usd, so mostly price will be above 14k). Observation2: RSI and MFI are cooling down and showing Bullish Divergences. Even other indicators like OBV and Stochastic made a slight Divergence. Not compulsory but these indications can invalidate/negate at any time if there is a forcible sell off, but as of now showing some good signals. Conclusion2: Technically due to Divergences created, soon Bitcoin may Breakout from this Descending Green Triangle and enter/start trading in the larger Red Triangle. After Breakout, there should be a counter move/rally and make until Fibonacci ratio at 0.618 level (roughly 50k) or at 0.5 level(42k). Finally, after rally Bitcoin puts a new lower low somewhere in the year 2024. (Since in a bigger picture Bitcoin is trading in a Red Descending Triangle so definitely it will test lower line of the triangle, so it will be lower low in 2024.) Please give a like and put a comment if u have any questions. Thank you, cheers.
INDEX:BTCUSDLong
by nmchary
21
#Bitcoin Broke Lower from a BB Squeeze, Resistance at $17kPast Performance of Bitcoin The Bitcoin consolidation in higher time frames is more pronounced. In the 4HR chart, prices broke lower early this week following a BB squeeze last week. However, there are hints of strength in the near term. Presently, prices are deviating from the lower BB, printing higher highs. Even so, the primary trend remains southwards, and bears remain in charge. #Bitcoin Technical Analysis BTC prices broke lower on December 22, with the resulting selloff forcing the coin to the spot rate. There are higher highs relative to the lower BB, signaling a possible drop in momentum. However, the primary trend is southwards, and the immediate support is around $16.5k. As it is, traders can wait for a clean breakout before committing, aware that losses below $16.5k may see BTC crash to $15.5k or worse. Conversely, any surge confirming yesterday's gains in the 4HR chart may prop buyers angling for a retest of $16.7k and $17k in the short term. What to Expect from #BTC? Prices are in consolidation, and the path of least resistance is southwards despite market-wide confidence. This preview will only change if BTC breaks above $17k and $17.5k at the back of high trading volumes. If not, the odds of BTC dropping to register new 2022 lows remain high. Buyers have not been able to claw back losses in the past month and quarter. Resistance level to watch out for: $17k Support level to watch out for: $16.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer
Insane short on Bitcoin this New Year!Hello, everyone! It’s time to refresh the Bitcoin analysis. BTC stacked it the annoying flat. This is the corrective wave and I think it’s has not been finished yet. Let’s take a look at the 4h time frame BTCUSDT chart of the WhiteBit exchange. The first downward impulse consists of clear 5 wave cycle. Now there is a corrective wave 2 which is going to be represented as a zigzag ABC. I consider that wave C has been already started and we are going to see the 5 waves cycle inside this wave. Here we have 2 targets. The conservative one is $17200 . The imbalance candle was formed in the impulsive downward wave and usually such imbalances should be filled at least for 50%. The optimistic target is $17500 because the Fibonacci retracement 0.61 level is here. Also this target coincides with the start of the imbalance. I am holding ADA for the potential bounce, but wanna warn you that I am not good in corrections defining. If you are not sure it’s better to skip trades in corrective wave and wait for the insane short. I am going to count waves inside wave C and open short the the reversal bar in wave 5. Let’s see what will happen. Best regards, Ivan! ________________________________________________________________________________________________ If you like my trade ideas, please smash the boost button to stimulate me make more quality analytics!
by Skyrexio
7
#Bitcoin Fails to Shake-off Sellers, Will BTC Crumble to $15k?Past Performance of Bitcoin Bitcoin remains in a dull trade range characterized by drooping trading volumes and volatility. Even though there were welcomed ticks early this week, prices moved lower, suggesting firm traders and a bearish trend. Therefore, based on these factors, risk-off traders can look to offload on every attempt higher, targeting $16.5k or lower. The only time this preview can shift is when BTC breaks higher. #Bitcoin Technical Analysis BTC prices are consolidating at spot rates, capped on the upper side by $17k, flashing with the December 20 bar, and $16.5k on the lower end. The support coincides with the November 20 bull bar that's influential to the current formation. Even though buyers appear to be in charge, sellers have a firmer grip on price action. As mentioned earlier, a breakout below $16.5k may trigger a sell-off as bears angle for $15.5k or lower. However, bulls will be relieved should prices recover above $17k and, ideally, $18.5k. In that case, especially if the accompanying volumes are high, BTC may rally to $20k. If not, and sellers maintain control, the coin may slip to register new 2022 lows at $15k or worse. What to Expect from #BTC? The coin is in a precarious position, reading from price action in the daily chart. BTC is within a tight range in a bearish formation. Conservative traders can wait for a clean breakout in either direction before committing. Resistance level to watch out for: $17k Support level to watch out for: $16.5k Disclaimer: Opinions expressed are not investment advice. Do your research.
Short
by Bitcoin_Analyzer