Bitcoin / TetherUSShort
#Bitcoin Roaring, BTC Breaks Out from the Bear Flag, adding 10%
Past Performance of Bitcoin
Bitcoin soared on November 20, closing the month firmly and rejuvenating buyers. The snap recovery is especially a shot in the arm for optimistic traders angling for more gains in the short term. Thus far, BTC is adding to their gains, forcing the coin up roughly 10 percent from November lows and the base of the bear flag.
#Bitcoin Technical Analysis
BTC prices are likely to tear higher from spot rates, building on the gains of the past two bull bars. Presently, prices are above the bear flag, rising with decent trading volumes and drawing bulls. Although BTC is below 17.5k and sellers are technically in charge, it is highly likely that this outlook shall change in the session ahead. Based on the candlestick arrangement, conservative traders can wait for a clear confirmation above 17.5k and even 18.5k before ramping up their longs, targeting 20k. If not, contractions from spot rates may see BTC recoil, syncing with the November 8 and 9 bear engulfing bars.
What to Expect from #BTC?
Traders are upbeat. Nonetheless, until there are gains above 17.5k, buyers can double down, loading the dips. Presently, sellers have the upper hand from an effort versus result perspective until after reversals push prices above the losses of early November.
Resistance level to watch out for: 17.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin soared on November 20, closing the month firmly and rejuvenating buyers. The snap recovery is especially a shot in the arm for optimistic traders angling for more gains in the short term. Thus far, BTC is adding to their gains, forcing the coin up roughly 10 percent from November lows and the base of the bear flag.
#Bitcoin Technical Analysis
BTC prices are likely to tear higher from spot rates, building on the gains of the past two bull bars. Presently, prices are above the bear flag, rising with decent trading volumes and drawing bulls. Although BTC is below 17.5k and sellers are technically in charge, it is highly likely that this outlook shall change in the session ahead. Based on the candlestick arrangement, conservative traders can wait for a clear confirmation above 17.5k and even 18.5k before ramping up their longs, targeting 20k. If not, contractions from spot rates may see BTC recoil, syncing with the November 8 and 9 bear engulfing bars.
What to Expect from #BTC?
Traders are upbeat. Nonetheless, until there are gains above 17.5k, buyers can double down, loading the dips. Presently, sellers have the upper hand from an effort versus result perspective until after reversals push prices above the losses of early November.
Resistance level to watch out for: 17.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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