Can BTC Hold Above the 16.8k Support?

21 thg 12, 2022

Over the past few days Bitcoin has shown good resilience, bouncing off of our $16300 support. Now we need it to hold above $16800 for any chance of maintaining this bullish momentum. Here's a couple things that has been concerned:

1. The RSI is crossing to the downside, getting closer to the signal line. This would indicate a change in the momentum and traders taking profit from the recent pump
2. The MACD is starting to flatten out. This indicates losing momentum as well as possible continued downside

Both of these factors are coming into play as we get closer to the weekend. $16800 was such a pivotal point the past few days that I'm thinking we may stick around it for a little while longer. With that said, if you're thinking of taking a long, I would place my stops around $16600. If you're thinking of taking a short, wait until we get to the $17300 level. There's major resistance including horizontal and the 4h 200EMA. I doubt BTC breaks these on the first try.

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