#Bitcoin Volatility Taper, BTC is Above a 2-Month Support Level
Past Performance of Bitcoin
Bitcoin prices closed in the year 2022 with evidently tapered volatility. That uneventful price action spilled over to 2023. At spot rates, BTC is bearish, steady in lower time frames, and sellers remain in charge as long as prices are below 17k. In the days ahead, traders can monitor price action and watch how prices react at immediate support and resistance lines.
#Bitcoin Technical Analysis
At spot rates, Bitcoin is bearish, as mentioned earlier. The immediate resistance line is at 17k, marking December 20 high. A solid push above 17.5k with expanding volumes may see the coin rally to 18k, confirming gains of late November. However, before then, traders should closely watch price action, checking how prices react at 16.5k. Any losses below this reaction line may trigger a sell-off that may see BTC drop toward 15.5k in a bear trend continuation level.
What to Expect from #BTC?
BTC is under pressure, but this can change if the current consolidation becomes an accumulation. As it is, the December 20 and November 30 bull bars are significant, marking immediate support and liquidation levels. How prices break out from the tight $300 range Bitcoin is currently stuck in would ultimately shape the near-time price action.
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 prices closed in the year 2022 with evidently tapered volatility. That uneventful price action spilled over to 2023. At spot rates, BTC is bearish, steady in lower time frames, and sellers remain in charge as long as prices are below 17k. In the days ahead, traders can monitor price action and watch how prices react at immediate support and resistance lines.
#Bitcoin Technical Analysis
At spot rates, Bitcoin is bearish, as mentioned earlier. The immediate resistance line is at 17k, marking December 20 high. A solid push above 17.5k with expanding volumes may see the coin rally to 18k, confirming gains of late November. However, before then, traders should closely watch price action, checking how prices react at 16.5k. Any losses below this reaction line may trigger a sell-off that may see BTC drop toward 15.5k in a bear trend continuation level.
What to Expect from #BTC?
BTC is under pressure, but this can change if the current consolidation becomes an accumulation. As it is, the December 20 and November 30 bull bars are significant, marking immediate support and liquidation levels. How prices break out from the tight $300 range Bitcoin is currently stuck in would ultimately shape the near-time price action.
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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