Bitcoin / TetherUSShort
#Bitcoin Moving Sideways As Volatility Drops, Buy Trigger at $17
Past Performance of Bitcoin
Bitcoin's volatility continues to taper, per the formation in the daily chart. This development impacts trading activity, worsening sentiment, especially when bulls fail to convince market participants. Technically, the path of least resistance is southwards as bulls hang on, oscillating above primary support at 16.5k. It is crucial for buyers to close above 17k and reaffirm the confidence buyers had in prices in late December 2022. Briefly, prices spiked, but there was no follow-through.
#Bitcoin Technical Analysis
BTC prices are inside a tight trade range, moving horizontally with decreasing volumes. From the daily chart, buyers have support at 16.5k. Meanwhile, there must be a convincing close above 17k, or December 20 highs, for confirmation of the uptrend--a move that could possibly pumping prices. Since gains of early this week are yet to be confirmed, conservative traders can wait for trend definition. Any surge above 17k may spark demand. Conversely, losses below 16.5k will dampen sentiment, forcing BTC lower, aligning with sellers of early November 2022.
What to Expect from #BTC?
Prices are range bound. Overall, sellers are in charge, but this can change if there are gains above the current consolidation towards 17k and even 18.5k.
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.
Bitcoin's volatility continues to taper, per the formation in the daily chart. This development impacts trading activity, worsening sentiment, especially when bulls fail to convince market participants. Technically, the path of least resistance is southwards as bulls hang on, oscillating above primary support at 16.5k. It is crucial for buyers to close above 17k and reaffirm the confidence buyers had in prices in late December 2022. Briefly, prices spiked, but there was no follow-through.
#Bitcoin Technical Analysis
BTC prices are inside a tight trade range, moving horizontally with decreasing volumes. From the daily chart, buyers have support at 16.5k. Meanwhile, there must be a convincing close above 17k, or December 20 highs, for confirmation of the uptrend--a move that could possibly pumping prices. Since gains of early this week are yet to be confirmed, conservative traders can wait for trend definition. Any surge above 17k may spark demand. Conversely, losses below 16.5k will dampen sentiment, forcing BTC lower, aligning with sellers of early November 2022.
What to Expect from #BTC?
Prices are range bound. Overall, sellers are in charge, but this can change if there are gains above the current consolidation towards 17k and even 18.5k.
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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