Bitcoin / TetherUSCorto
#Bitcoin pullbacks, Uptrend Limited at $17.5k
Past Performance of Bitcoin
On December 1, Bitcoin prices pulled back from this week's highs. However, while BTC is slightly lower, the uptrend remains a net positive for optimistic buyers. Going forward, BTC bulls must reject any attempt to dump the coin. As long as BTC remains above the 16.5k, BTC may recover, edging past the stubborn liquidation line at around 17.5k.
#Bitcoin Technical Analysis
Bitcoin is trading above the triangle, the bear flag of mid-November. At the same time, trading volumes are average but lower than on November 8 and 9. While this indicates demand, there must be strong, decisive, high-volume gains above 17.5k and November 9 highs if buyers are to take charge. At spot rates, aggressive bears can unload the dips, aligning with losses of November 9, targeting the base of the triangle at 15.5k. Otherwise, as reiterated above, BTC bulls must close above 17.5k for a recovery to take shape.
What to Expect from #BTC?
Bears are still in control despite the strong close of November 2022. In the days ahead, conservative traders should closely watch how price action pans out in the short term. Bitcoin limits in the short term remain defined, and the path of least resistance is southwards.
Resistance level to watch out for: 17.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
On December 1, Bitcoin prices pulled back from this week's highs. However, while BTC is slightly lower, the uptrend remains a net positive for optimistic buyers. Going forward, BTC bulls must reject any attempt to dump the coin. As long as BTC remains above the 16.5k, BTC may recover, edging past the stubborn liquidation line at around 17.5k.
#Bitcoin Technical Analysis
Bitcoin is trading above the triangle, the bear flag of mid-November. At the same time, trading volumes are average but lower than on November 8 and 9. While this indicates demand, there must be strong, decisive, high-volume gains above 17.5k and November 9 highs if buyers are to take charge. At spot rates, aggressive bears can unload the dips, aligning with losses of November 9, targeting the base of the triangle at 15.5k. Otherwise, as reiterated above, BTC bulls must close above 17.5k for a recovery to take shape.
What to Expect from #BTC?
Bears are still in control despite the strong close of November 2022. In the days ahead, conservative traders should closely watch how price action pans out in the short term. Bitcoin limits in the short term remain defined, and the path of least resistance is southwards.
Resistance level to watch out for: 17.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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