Bitcoin / TetherUSКороткая
#Bitcoin Upside Momentum Fizzling, Support at $16.5k
Past Performance of Bitcoin
Bitcoin traders are optimistic, confident that the coin could post more gains in the days and weeks ahead. However, per the current setup, BTC price action is drab as the coin moves inside a tight range. Overall, the path of least resistance from a top-down preview is bearish. All the same, that BTC is bound by the November 30 bullish engulfing bar; there could be hope for traders.
#Bitcoin Technical Analysis
Presently, bulls are upbeat. The breakout above the bear flag in late November forced BTC higher above 16.5k and later 17k. However, the failure of bulls to build on gains of November 30 points to weakness. Currently, BTC has printed a bull flag, trapped inside the bullish engulfing bar and below the all-important liquidation zone at 17.5k and 18.5k. Aggressive traders can look to liquidate on every attempt higher, targeting 15.5k. This preview is as they aim to ride the dropping upside momentum formed in the past few trading sessions. Meanwhile, unless there are gains above 17.5k, conservative traders can wait for a clear trend definition. It is as they are aware that losses below 16.5k and 15.5k effectively derail bulls.
What to Expect from #BTC?
There are lower lows versus the upper BB, suggesting drooping momentum. Besides, the failure to pierce 17.5k means traders are still hesitant, even projecting that the coin could be overvalued. The best course of action is to wait for a clean breakout above 17.5k or 16.5k before traders commit.
Resistance level to watch out for: 17.5k
Support level to watch out for: 16.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin traders are optimistic, confident that the coin could post more gains in the days and weeks ahead. However, per the current setup, BTC price action is drab as the coin moves inside a tight range. Overall, the path of least resistance from a top-down preview is bearish. All the same, that BTC is bound by the November 30 bullish engulfing bar; there could be hope for traders.
#Bitcoin Technical Analysis
Presently, bulls are upbeat. The breakout above the bear flag in late November forced BTC higher above 16.5k and later 17k. However, the failure of bulls to build on gains of November 30 points to weakness. Currently, BTC has printed a bull flag, trapped inside the bullish engulfing bar and below the all-important liquidation zone at 17.5k and 18.5k. Aggressive traders can look to liquidate on every attempt higher, targeting 15.5k. This preview is as they aim to ride the dropping upside momentum formed in the past few trading sessions. Meanwhile, unless there are gains above 17.5k, conservative traders can wait for a clear trend definition. It is as they are aware that losses below 16.5k and 15.5k effectively derail bulls.
What to Expect from #BTC?
There are lower lows versus the upper BB, suggesting drooping momentum. Besides, the failure to pierce 17.5k means traders are still hesitant, even projecting that the coin could be overvalued. The best course of action is to wait for a clean breakout above 17.5k or 16.5k before traders commit.
Resistance level to watch out for: 17.5k
Support level to watch out for: 16.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Похожие публикации
Отказ от ответственности
Все виды контента, которые вы можете увидеть на TradingView, не являются финансовыми, инвестиционными, торговыми или любыми другими рекомендациями. Мы не предоставляем советы по покупке и продаже активов. Подробнее — в Условиях использования TradingView.