Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin’s market structure was bullish on the daily chart Risk-averse traders can wait for Bitcoin’s reaction over the next two days before formulating their trade plans Bitcoin dipped into an area that the bulls recently […]
The findings of the following analysis are the sole opinions of the writer and should not be considered investment adviceRisk-averse traders can wait for Bitcoin’s reaction over the next two days before formulating their trade plansdipped into an area that the bulls recently flipped to support. The weekend saw low trading volume and little volatility. The anticipation around the US Fed rate announcement meant that positive news could see a minor BTC rally.
The $17.4k and $16.7k levels represent the high and the low of last week’s trading, respectively. Meanwhile, the region highlighted in cyan showed a former bearish order block that was broken on 30 November. However, it was clear that Bitcoin’s strong downtrend in recent months was still unbroken. To the north, stiff resistance levels lie at $17.8k and $18.6k. The $18.2k-$18.5k also represented a zone of liquidity where the bears can look to reverse any rallies.
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