J-BTC
BTC WARNINNG! updateAs I said in my previous analysis BTC might face resistance around 17400 - 18000
It has shown weakness on the buy side If a red candle closes today , you can go with a short position keeping the previous day's candle high as stop loss
Or if you are a breakout trader then wait for the breakdown of the channel
BTC UPDATE - 15-12-2022BTC is been showing the respect from the resistance zone.
As it has cross the trendline of bearish now going up side with Higher Higher and Bulls might be back if is does not retrace from the resistance mark if it break down with the restest we can see the selling days else if it Goes up and crossed the zone it will go up.
There might be more chances to sell side because of the fugazi of recession and a bit impact of FED People who has enough money will run the BTC because GOVT does not varify the moves .
SO BE PATIENT BE SMART AND TAKE MOVE AS PER THE BEST UNDERSTANDING.
BTC/USD - Weekly OverviewSince the start of December, Bitcoin has formulated a strong consolidation range between the price level of $17K and $17.5K. This could be a positive interpretation as compared to its performance during November end.
It could be noted that BTC is facing strong resistance above the 0.736 FIB level on the Fibonacci retracement table. The price level had also tested the resistance zone multiple times but was unable to have a positive breakout.
On the moving averages, MA-10 is still sustaining the positive crossover against MA-50 which is a positive sign. At the same time, MA-50 is proving to provide support to the world’s largest cryptocurrency whenever selling pressure is faced.
The RSI level is also sustaining within the rising channel pattern formulated on the chart. Overall, BTC might be consolidated in nature but sustainability above $17K could lead up to positive developments towards the end of the year. The resistance levels can be placed around $18K and $19K while the support levels can be placed at $17K and $15K.
#BTC upcoming trades to catch. BTC tried to sweep the liquidity above and the good short area was around $17540 to $17700 but as the 200EMA played out before it went to those areas and came down from $17400. I am aiming for 2 trades from here.
1. I will wait for a wick above $17540 to $17700 area and SHORT there with S.L above $18200 and will target for the $16400 to $16200 area (2r trade)
2. I will wait for the price to come down and test the $16400 to $16200 area from the current levels and will LONG it around those areas with S.L. below $16100 and will target for the reclaim of the $17000 area (2r trade)
BTC/USD - Weekly OverviewThe past week has regenerated positive sentiment for the world’s largest cryptocurrency as it broke and maintained sustainability above $17K. The bullish rally could be reflected in the expansion of Bollinger Band’s width.
Moreover, MA-10 was able to have a positive crossover against MA-50 which could be a potential signal for more bullish momentum to come in the near term. However, BTC still needs to have a bullish breakout above the 1.0 FIB level which will help to test the crucial psychological mark of $20K.
Considering the technical indicators, the RSI level is standing at the bullish level of 62.51. Further build-up might test the resistance levels of $18K and $20K, respectively. However, any climb above 70 might be an indication of profit-booking momentum. This can be support levels of $16K and $14K into action.
Bitcoin Futures GapThe red fall has not been covered, the green rise has not been covered, and the gray-white rise and fall has been covered. The red horizontal line is the K-line gap caused by the rise in the past two years ago, and the green horizontal line is the K-line gap caused by the decline in the past year. , The gray and white lines are all the gaps that have been filled in the history of Bitcoin. The low price of the red line is more than the high price of the green line. The probability of filling the gap in history is 90%~100%. It is only a matter of time before the gap is filled. The thick line in the picture is a big gap, and the thin line is a small gap. The lines in this picture can be used for a long time.