Technical Analysis for BTCUSD for 12th December 2022
Bitcoin Accumulation Continues as BTC Firm above $16.5k
Past Performance of Bitcoin
There is more to yearn for from the Bitcoin price action. Although there are hints of strength, prices are flat. From the daily chart, buyers appear to be in control. However, BTCUSDT is essentially consolidating, trapped inside a $2k range with caps at $17.5k and $15.5k. With the coin relatively higher, there must be substantial gains above or below these limits for proper trend confirmation.
Bitcoin Technical Analysis
Bitcoin bulls are confident. All the same, there must be a clear trend for traders to commit. Presently, BTC prices are consolidating. Depending on the breakout direction, bulls will either surge, building from November 2022 lows. As reiterated, there must be a defining breakout above $17.5k or, safely, the $1k zone above $18.5k with rising trading volumes. If not, bears from the better part of the year, pronounced especially in early November 2022, will remain in control. If BTC falls below $16.5k, it could sink further to November lows, pressuring traders.
What to Expect from BTC
Traders are closely monitoring the BTC price action. As it is, sellers are in charge, and the coin is in consolidation. It is bearish from an effort versus result perspective unless there is a clear breakout above critical support or resistance levels.
Resistance level to watch: $17.5k
Support level to watch: $16.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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