Investors who think the bitcoin price will increase in the near future may find an entry point above $17,300.
a rise from the indicated support level might push prices above $18200. Safe traders, on the other side, may wait until bitcoin's price reaches $16,700.
Beginning in the second half of November, BTC formed triangles. BTC's price dropped dramatically from $16,695 to $15,476 within 24 hours after breaking through the first triangle.
Furthermore, once BTC breached the second triangle, prices fell again.
Since the beginning of December, BTC has been trading in a bearish flag. The first bearish flag seemed to be moving vertically more than the second, while the third seemed to be floating sideways. However, at the end of the third flag, BTC had risen from $16,900 to $17,300 in less than a day.
Since mid-November, BTC has been forming triangles. When Bitcoin breached both triangles, its price plummeted. Based on recent behaviour, BTC is currently forming a third triangle, and if BTC breaks the triangle, prices might fall below Support 16,800. In contrast, if BTC continues to rise after breaching the triangle, it will go for Resistance $18,220.
Bitcoin's price remained above $16,700. BTC formed a base and broke above the $17,000 resistance level. Bitcoin has dropped below the $16,800 support level. Bitcoin bears, on the other hand, were unable to break through the $16,700 barrier. The price fell as low as $16,734 before rising again.
There was a significant increase above $16,900 and $17,000. The price breached the 50% Fib retracement level of the fall from the swing high of $17,424 to the low of $16,678. Furthermore, the BTC/USD pair broke above a major bearish trend line with resistance above $16,900 on the hourly chart.
Bitcoin's price is presently trading over $17,000, as well as above the 100 hourly simple moving average. It is also near the 76.4% Fib retracement level of the drop from the swing high of $17,424 to the low of $16,678.
An immediate resistance barrier on the upside is $17,300. The first significant barrier is at $17,450, over which the price may resume its steady increase. In the proposed scenario, the price may rise to the $18,000 mark. The next significant resistance level is around $18,200, after which the price will likely rise in the near term into the $18,500 region.
If bitcoin fails to break past the $17,300 barrier, a new downward trend will be expected. On the downside, $17,000 and the 100 hourly simple moving average offer immediate support. The next significant level of support is $16,700. A break of the $17,000 support level may indicate a decline below $16,200. If the price continues to fall, it may go below $15,500 in the near future.
According to Price Analysis, This BTC's market capitalization is estimated to be $329,927,445,740. The coin's 24-hour trading volume is around $18,216,318,102. The market capitalization of Bitcoin has fallen by 0.36%. During intraday trading, however, transaction volume decreased by 12.98%.
KEY LEVELS :
RESISTANCE LEVEL : $17,350-$17,600
SUPPORT LEVEL : $16,900-$16,600
BTC has been trading in a range for the previous 8 days. A new trend will be picked by Make or Break. where does BTC go beyond its maximum? Please respond.
