Bitcoin / TetherUSShort
#Bitcoin Consolidates for 13 Days Inside a $2k Trade Range
Past Performance of Bitcoin
Bitcoin remains in consolidation, with bulls hopeful of a shift in trend in their favor. This forecast is because of the coin's trend inside the November 30 bullish engulfing bar. Since bulls are holding price action inside this bar, there could be more room for upsides in the short term. However, this largely depends on how prices react at critical liquidation levels.
#Bitcoin Technical Analysis
Bitcoin is technically bearish in the medium to long-term preview. However, there are signals of strength in the short term. Since the beginning of December, prices have been in range inside the November 30 bull bar with clear limits at 17.5k. Unless otherwise, BTC break above 17.5k, confirming gains of late November, sellers will remain in charge. Conversely, any confirmation of late November 30 gains will see BTC fly towards 20k as anxious buyers propel the coin.
What to Expect from #BTC?
Sellers are in control at spot rates from a top-down preview. This outlook will come to pass should BTC slide below 16.5k and the current range as sellers of early November 2022 flow back.
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 remains in consolidation, with bulls hopeful of a shift in trend in their favor. This forecast is because of the coin's trend inside the November 30 bullish engulfing bar. Since bulls are holding price action inside this bar, there could be more room for upsides in the short term. However, this largely depends on how prices react at critical liquidation levels.
#Bitcoin Technical Analysis
Bitcoin is technically bearish in the medium to long-term preview. However, there are signals of strength in the short term. Since the beginning of December, prices have been in range inside the November 30 bull bar with clear limits at 17.5k. Unless otherwise, BTC break above 17.5k, confirming gains of late November, sellers will remain in charge. Conversely, any confirmation of late November 30 gains will see BTC fly towards 20k as anxious buyers propel the coin.
What to Expect from #BTC?
Sellers are in control at spot rates from a top-down preview. This outlook will come to pass should BTC slide below 16.5k and the current range as sellers of early November 2022 flow back.
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.
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