Technical Analysis for BTCUSD for 9th December 2022
Bitcoin Remains Wavy But Up 2%, Will BTC Bulls Succeed?
Past Performance of BTC
Bitcoin turned higher on December 8, rising two percent at spot rates, rejuvenating the markets. With the recovery, the coin is squarely in range, but prices are moving against sellers. Notably, the expansion backs buyers of November 28, increasing the odds of a possible breach of $17.5k. In the days ahead, how prices react at this liquidation level will shape the short to medium-term.
Bitcoin Technical Analysis
Prices ticked to favor bulls on December 9, assuaging fears of further losses. Although there has been no clear development to confirm bottoms, bulls appear to be in control. In the days ahead, how prices react at $17.5k will shape the medium-term trajectory. Notably, this preview is because BTC is within a breakout formation above the bear flag defined in late November. Because BTC prices are consolidating in a possible accumulation, optimistic bulls can wait for a clean break above $17.5k, and ideally $18.5k, with increasing volumes before loading the dips. Unexpected losses forcing BTC below $16.5k may cancel this preview, allowing sellers of H1 2022 back in contention.
What to Expect from BTC
BTC is technically bearish and has been the case for the past year. However, at spot rates, BTC may find a bottom, an anchor for a leg up. Therefore, traders can wait for a clear breakout before committing. Confirmation of yesterday's bull bar may see BTC soar to new December highs.
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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