#Bitcoin oscillates; Bulls fail to break $17.5k
Past Performance of Bitcoin
There is an air of invincibility among Bitcoin holders and traders considering the recovery on November 22. However, reading from the drab performance in the daily chart, there is nothing much to call out because BTC is primarily in range. As an illustration, the coin is up three percent in 24 hours but within a bear breakout formation.
#Bitcoin Technical Analysis
From the daily chart, BTC is in range, above 15.5k but below the 17.5k resistance level. While it is within a bear breakout formation from a top-down preview, the coin is also trending inside a bear flag. This week's highs at around 17.5k cap the upsides. Therefore, it must be broken for trend continuation towards 18.5k. As it is, aggressive sellers can unload on every attempt higher below the 17.5k and 18.5k resistance zone, targeting a retest of last week's lows at 15.5k.
What to Expect from #BTC?
BTC is consolidating at spot rates with clear limits in the daily chart. In the days ahead, traders can watch out for how Bitcoin reacts at 15.5k if sellers are to take charge, or at 17.5k, should there be a welcomed recovery. In both instances, triggers would largely be fundamental factors.
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.
There is an air of invincibility among Bitcoin holders and traders considering the recovery on November 22. However, reading from the drab performance in the daily chart, there is nothing much to call out because BTC is primarily in range. As an illustration, the coin is up three percent in 24 hours but within a bear breakout formation.
#Bitcoin Technical Analysis
From the daily chart, BTC is in range, above 15.5k but below the 17.5k resistance level. While it is within a bear breakout formation from a top-down preview, the coin is also trending inside a bear flag. This week's highs at around 17.5k cap the upsides. Therefore, it must be broken for trend continuation towards 18.5k. As it is, aggressive sellers can unload on every attempt higher below the 17.5k and 18.5k resistance zone, targeting a retest of last week's lows at 15.5k.
What to Expect from #BTC?
BTC is consolidating at spot rates with clear limits in the daily chart. In the days ahead, traders can watch out for how Bitcoin reacts at 15.5k if sellers are to take charge, or at 17.5k, should there be a welcomed recovery. In both instances, triggers would largely be fundamental factors.
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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