#Bitcoin Gains 8% from November Lows, BTC Bulls aim $17.5k
Past Performance of Bitcoin
Bitcoin is solid at spot rates, shaking off bears and inching higher, reading from the performance in the daily chart. Overall, the short-term path of least resistance appears to be northwards. Notably, there are higher highs relative to the lower BB. Besides, BTC prices are trading above the bear flag, a net positive for buyers.
#Bitcoin Technical Analysis
Bitcoin is up roughly eight percent from November lows, printing higher and building on November 29 solid bar. The daily chart shows that trading volumes are also within average, an indicator of support. While aggressive bears can still be short as long as prices are below $17.5k, BTC will likely break above $17.5k over the weekend. Already, BTC prices are above the trend line of the bear flag, buoyed by rising trading volumes. Therefore, conservative traders can prepare to ramp the dip once there are decent, decisive gains above the $1k liquidation line. Their target will be $20k. Any unexpected dump below $15.5k, reversing current gains, may see BTC drop to 2019 ranges.
What to Expect from #BTC?
Gains of this week have been lifting for buyers. All the same, BTC is within a bear formation as buyers are yet to clear the $17.5k and $18.5k resistance zone. Once there are decisive, high-volume gains, BTC could tear to new Q4 2022 highs.
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.
Bitcoin is solid at spot rates, shaking off bears and inching higher, reading from the performance in the daily chart. Overall, the short-term path of least resistance appears to be northwards. Notably, there are higher highs relative to the lower BB. Besides, BTC prices are trading above the bear flag, a net positive for buyers.
#Bitcoin Technical Analysis
Bitcoin is up roughly eight percent from November lows, printing higher and building on November 29 solid bar. The daily chart shows that trading volumes are also within average, an indicator of support. While aggressive bears can still be short as long as prices are below $17.5k, BTC will likely break above $17.5k over the weekend. Already, BTC prices are above the trend line of the bear flag, buoyed by rising trading volumes. Therefore, conservative traders can prepare to ramp the dip once there are decent, decisive gains above the $1k liquidation line. Their target will be $20k. Any unexpected dump below $15.5k, reversing current gains, may see BTC drop to 2019 ranges.
What to Expect from #BTC?
Gains of this week have been lifting for buyers. All the same, BTC is within a bear formation as buyers are yet to clear the $17.5k and $18.5k resistance zone. Once there are decisive, high-volume gains, BTC could tear to new Q4 2022 highs.
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.
