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Technical Analysis for BTCUSD for 13th December 2021

Bitcoin Steadies, BTCUSDT Uptrend Limited at $53k

The Bitcoin hash rate is at new all-time highs, less than six months after mining was banned in mainland China.

Past Performance of BTC

BTC prices are springing back to life after the decimation of early December. 

Nonetheless, the revival of BTCUSDT above $50k shouldn't be comforting. 

Technically, Bitcoin is within a bear breakout pattern traced back to late November 2021 when prices crashed below $53k—a critical resistance line.

What to Expect of BTC

The path of least resistance, according to risk-averse traders, is southwards. 

It is because prices, despite the flow of demand and rejuvenation of buyers, are within the December 4 bear candlestick. 

The bearish engulfing bar is yet to be confirmed. 

Accordingly, this places BTC at risk of even more drawdown, especially if BTCUSDT prices are below $53k—a strong liquidation line—previous support. 

The consolidation of BTC prices within the $6.5k zone swings to favor sellers from a volume analysis perspective.

Bitcoin Technical Analysis

Aforementioned, sellers are in control despite the series of higher highs relative to the lower BB clear in the daily chart. 

As long as BTC prices are below the middle BB—the 20-day moving average—and $53k to the upside, aggressive bears might load the pullbacks targeting last week's lows at around $47k. 

A break below $47k might draw even more sellers angling at $42k—or even $37k—the 78.6 percent Fibonacci retracement level of the H2 2021 trade range. 

Conversely, a decisive break above $53k—building on this weekend's gains, might see BTC expand back to $60k in a bull trend continuation pattern.

Resistance level to watch: $53k

Support level to watch: $47k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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