Technical Analysis for BTCUSD for 8th December 2022
Bitcoin Upside Momentum Fades, BTC Remains in a $2k Range
Past Performance of BTC
Bitcoin prices are lower at spot rates, dropping two percent in the last 24 hours. Even though traders are determined, expecting the coin to recover after sharp losses, the path of least resistance is nevertheless southwards. This preview has been cemented following the losses of December 7 and the failure of buyers to reclaim $17.5k.
Bitcoin Technical Analysis
Overall, Bitcoin is under pressure from a top-down preview. Year-to-date, BTC is down over 70 percent. At the current pace, the coin could post even more losses in the days ahead. It is regardless of bulls breaking higher above the bear flag in late November. Thus far, the immediate support is at $16.5k. As BTC prices consolidate inside a tight range, forming a flag, conservative traders can wait for a clean price direction. A break above $17.5k may see Bitcoin lift off in a welcomed recovery. However, sellers can unload at spot rates, targeting a retest of $16.5k and later $15.5k in a bear continuation pattern.
What to Expect from BTC
BTC buyers are struggling. There are lower lows versus the upper BB as momentum tapers, favoring sellers. The bear breakout of December 7 is pressing BTC even lower, increasing the odds of further losses in the short to medium term. With clear limits at $17.5k, bears have the upper hand.
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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