The above chart of Bitcoin laid out a horizontal channel pattern, also known as the sideways trend. In order to indicate how the price is constrained between the upper line of resistance and lower line of support, horizontal channels are trend lines that join changeable price highs and lows.
Currently, Bitcoin is in the range of $16545. If the pattern continues, the price of Bitcoin might reach the resistance levels of $17700 If the trend reverses, then the price of Bitcoin may fall to $16000.
Bitcoin has been trading in the $17000-16300 range since December 17th.We have witnessed some bullish activity on the bottom level in recent days.As a result, the price of Bitcoin may rise to $17700.