Technical Analysis for BTCUSD for 5th December 2022
Bitcoin Bullish if BTC Prices Hold Above $16.5k
Past Performance of BTC
Bitcoin price action is uneventful, looking at the performance in the daily chart. Even though buyers appear to be in control in the short term, following gains above the bear flag, the medium to long-term trajectories remain bearish. Currently, aggressive traders can sync with the long-term formation, unloading on every attempt higher but below $17.5k, targeting a retest of November 2022 lows.
Bitcoin Technical Analysis
Sellers are in control, but bulls are upbeat, expecting a follow-through of early last week's gains. Technically, BTC may edge higher in confirmation of November 30 gains. Already, sellers have failed to reverse losses, forcing the coin below $16.5k. It is overly a net positive, placing bulls in the lead from a top-down preview. Nonetheless, BTC buyers must clear $17.5k if bottoms are to take shape. Presently, BTC could crumble back to $15.5k, especially if prices drop below November 30 low at around $16.5k. On the flip side, there could be hope for optimistic buyers should prices soar above the $17.5k and $18.5k resistance zone with increasing trading volumes.
What to Expect from BTC
BTC is under pressure. However, the price expansion of the last few days and the apparent rejection of lower lows are net positive for bulls. Nonetheless, until after BTC surges above the immediate resistance level, conservative buyers can ramp up, expecting more gains.
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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CryptoAltum does not accept any clients under the age of 18.