Bitcoin / TetherUSShort
#Bitcoin Broke Lower from a BB Squeeze, Resistance at $17k
Past 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.
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.
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