-

Bitcoin Trades Above $16,500 – Could This Be A Bear Trap?

  • BTC’s value misplaced its all-time excessive of $18,000 as FTX fiascos continued to have an effect on its value 
  • Price continues to look bearish with the market’s present state, as issues look unsure for many merchants and traders 
  • BTC’s value bounces from a low of $15,500 on the day by day timeframe as the worth reclaims the 50 Exponential Moving Average (EMA)

The previous few days for Bitcoin (BTC) have been rosy, with the worth rallying from a low of $15,500 to a excessive of $16,500, with altcoins having fun with some reduction bounce throughout the crypto market. Despite the reduction for the worth of Bitcoin (BTC), the worth nonetheless trades under its earlier all-time excessive help of $18,000, which is a bit problematic contemplating this area now serves as resistance for a significant rally. The Domino impact of the FTX saga and different big traders has left the market at a standstill because the market is but to make a significant transfer main to a lot concern about the place the market may very well be headed. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

The previous few days have been stuffed with a lot turbulence within the crypto house as many altcoins have struggled to present energy after shedding their key help holding off value decline.

The value of BTC suffered a decline in value to a area of $15,500, with many anticipating the worth to dump additional to a area of $14,000 to $12,000 when the worth bounced off from this area after forming a bullish pin bar as patrons pushed the worth larger to a area of $16,500.

BTC’s value wants to break above $18,500 for extra indicators of reduction as this area has develop into key for higher value motion to a excessive of $19,500.

Weekly resistance for the worth of BTC – $18,500.

Weekly help for the worth of BTC – $15,500.

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart | Source: BTCUSDT On Tradingview.com

The value of BTC stays significantly robust within the day by day timeframe as the worth trades above $16,500 after a decline to a area of $15,500 due to the FTX fiasco.

If the worth of BTC breaks above $17,500, we may see extra rallies for BTC value; a break under a area of $16,000 could be a bear entice as the worth may go decrease.

The value of BTC trades under 50 and 200 EMA performing as resistance for the worth of BTC to development larger. The value of $18,500 and $23,500 corresponds to the worth of fifty and 200 EMA that wants to be reclaimed for bulls to be protected from additional downtrend by bears.

Daily resistance for the BTC value – $17,500.
Daily help for the BTC value – $16,500-$15,500.

Featured Image From BusinessDay, Charts From Tradingview

Latest news

ETH/USD Gains Momentum to Thrust Upward

Join Our Telegram channel to keep up to date on breaking information protection Better than anticipated, Ethereum has risen considerably...

SOL Price Prediction: SOL Is Just Below $14; Will We See $15 by Christmas?

Join Our Telegram channel to keep up to date on breaking information protection The current collapse of the FTX platform,...

Bitcoin Hits $17,000, But Is It Too Early To Call The All Clear?

Bitcoin is retracing its current week losses, and it’s about to reclaim the help misplaced through the FTX debacle....

GMX Price Prediction as GMX Token Surges Towards Record Highs Above $50

Join Our Telegram channel to keep up to date on breaking information protection GMX, the token that powers the Decentralized...
- Advertisement -spot_img

Biggest Crypto Gainers Today – December 1st

Join Our Telegram channel to keep up to date on breaking information protection A number of currencies present useful alternatives...

CAKE Coils Up Before A Run-up To $4.30

Join Our Telegram channel to keep up to date on breaking information protection Ever since PancakeSwap (CAKE) hit an all-time...

Must read

ETH/USD Gains Momentum to Thrust Upward

Join Our Telegram channel to keep up to date...

SOL Price Prediction: SOL Is Just Below $14; Will We See $15 by Christmas?

Join Our Telegram channel to keep up to date...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you