- Bitcoin price faces rejection from the $17,000 zone.
- BTC coils between two key moving averages which will likely result in an explosive move.
- A 4-hour candlestick close on either side of the moving averages can be an early landmark of the future trend.
Bitcoin price is enduring congestive market conditions during the second trading week of December. Traders may want to remain sidelined until a definitive move is made from the consolidation to avoid unnecessary losses from being on the wrong side of the trade.
Bitcoin price still in limbo
Bitcoin is struggling to sustain support above the $17,000 price zone. Following November’s 16% market decline, the bulls have shown spars retaliation signals. Because November closed bearish,, staying with a bearish bias would be the safest approach. Countertrend traders may want to apply caution as a breach of the newfound yearly lows at $15,476 could occur in the coming days.
Bitcoin price currently auctions at $16,931. An ongoing consolidation takes place between the 8-day exponential moving average and 21-day simple moving averages. A 4-hour candlestick close on either side of the moving averages may be an early signal of where the peer-to-peer digital currency may be headed next.
BTC/USDT 4-Hour Chart
If the market is genuinely bullish, a surge above the 8-day EMA could catalyze an uptrend swing targeting the $17,500 and $18,250 levels. These target zones are extracted using a Fibonacci retracement tool which surrounds the entirety of November’s downtrend.
On the contrary, a 4-hour candlestick close beneath the 21-day SMA could be the signal sidelined bears are waiting for. Under the bearish scenario, a decline targeting the $16,000 congestion zone, as well as November’s low at $15,476, would stand a fair chance of occurring.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin crumbles under German government transfers, Ethereum and Ripple erase gains
Bitcoin trades below $57,100 on Thursday as German government transfers continue, $76 million BTC moved to exchanges. Ethereum trades near $3,100 ahead of the upcoming SEC decision on the Spot Ethereum ETF.
Ripple traders take over $75 million in losses in July, XRP drops below key support
Ripple (XRP) price is under fresh selling pressure and tests key support at the June 7 low of $0.4508 on Thursday as whales are likely capitulating, according to on-chain data.
Bitcoin price declines as supply on exchanges rises
Bitcoin faced rejection at the daily resistance level of $63,956 on Monday, resulting in a 4.2% decline over the next two days. BTC’s price extends its downward move and falls below $58,000 on Thursday, adding more than 4% losses in the day.
Worldcoin is poised for 17% rally as as technical indicators signal bullish momentum
Worldcoin price finds support and bounces 9% from the weekly support level around $2.183. Technical analysis shows that WLD has formed a bullish divergence on a momentum indicator.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.