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Bitcoin, BTC/USD – Technical Outlook: Bitcoin has stabilized in recent weeks. Is the BTC/USD rally about to run its course? What is the outlook for BTC/USD and key levels to watch?
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BITCOIN SHORT-TERM TECHNICAL OUTLOOK – NEUTRAL
While Bitcoin has stabilized in recent weeks, there is still work to be done before concluding that the worst for the cryptocurrency is over.
Since mid-November, this column has highlighted the possibility of some minor consolidation/bounce from the early November drop. So far, Scenario 1 highlighted appears to be unfolding, but to be fair, this is at best a stabilization rather than a reversal of the downtrend. Indeed, there are more and more chances that scenario 1 will come to an end.
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BTC/USD weekly chart
Chart created using TradingView
BTC/USD broke the immediate barrier at the mid-November high of 17170, but that doesn’t look convincing given the bearish evening star candlestick pattern created on the daily chart Thursday around stronger resistance. on a June horizontal trend line at around 18150-18200 and the 89 day moving average. Rallies since mid-2022 have been capped at the moving average (see chart). Moreover, the rebound in recent weeks has been associated with weak momentum, increasing the risk of a pullback.
BTC/USD daily chart
Chart created using TradingView
If BTC/USD is unable to extend its gains in the coming days, it could be a harbinger that the one-month stabilization is over. One of the indicators to watch to conclude that Scenario 1 has run its course would be a drop below the December 7th low at 16690. Such a drop would confirm that the upward pressure has subsided, increasing the likelihood of a wide range of 15500-18500. developing in the meantime. On the downside, a decisive break below 15480 November low could open the way to 13895 2019 high.
On the upside, if the current rally has any legs, a break above the converged barrier around 18150 is needed, which could unfold towards the November 5 high at 21470, near the 200-day moving average. .
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— Written by Manish Jaradi, Strategist for DailyFX.com
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiZWh0dHBzOi8vd3d3LmRhaWx5ZnguY29tL2FuYWx5c2lzL2JpdGNvaW4tdGVjaG5pY2FsLW91dGxvb2stYnRjLXVzZC1ub3Qtb3V0LW9mLXRoZS13b29kcy0yMDIyMTIxNi5odG1s0gFpaHR0cHM6Ly93d3cuZGFpbHlmeC5jb20vYW5hbHlzaXMvYml0Y29pbi10ZWNobmljYWwtb3V0bG9vay1idGMtdXNkLW5vdC1vdXQtb2YtdGhlLXdvb2RzLTIwMjIxMjE2Lmh0bWwvYW1w?oc=5 The mention sources can contact us to remove/changing this article |
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