Bitcoin Moves Above $17,000 As Bullish Momentum Wanes

Dec 01, 2022 at 11:53 // Price
Coin Idol
The largest cryptocurrency rose to an area of the market that was overbought

The Bitcoin (BTC) price has rallied after hitting a high of $17,275. The bullish momentum has remained at the recent high.

Bitcoin price long term forecast: bearish

The largest cryptocurrency rose to an area of the market that was overbought. It is finding it difficult to break through the resistance zone. While we wait for a possible upward movement, the BTC price is still circling above the support at $17,000. For example, if the price rises back above the $17,000 support, Bitcoin will rise above the $17,200 and $18,000 resistance levels 

The positive trend will continue until the price reaches $20,000. However, if the bullish scenario fails and Bitcoin falls back from the recent high, Bitcoin will fall into the trading range. In other words, the BTC/USD pair will move sideways again between $15,500 and $17,200. At the time of publication, the price of one bitcoin is $17,097.

Bitcoin indicator reading 

 Currently, Bitcoin is at the 34 level of the Relative Strength Index and is making a comeback. Although it has risen above the current support, it is currently in the bearish zone. The price bars on the daily chart are between the moving average lines and resuming the sideways movement. The bitcoin price has crossed the stochastic threshold of 80 on the daily chart and has entered the overbought zone.

BTCUSD(Weekly Chart) - Descember 1.22.jpg

Technical indicators 

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD? 

 As it continued to rise, Bitcoin (BTC) rallied above the support at $16,000. As it is anchored near the high at $17,200, the rise was temporary. If the recent high is rejected, the cryptocurrency will be forced to trade in a range. In the overbought area of the market, the upward momentum has faded.

BTCUSD(Daily Chart) -Descember 1.22.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

Show comments(0 comments)