BTC moves to $ 17,000, is an outbreak imminent? (Bitcoin price analysis)
BTC moves to $ 17,000, is an outbreak imminent? (Bitcoin price analysis)
On the way to 2023, the markets begin to show some interesting movements, and Bitcoin is no exception. Its price is currently testing an important resistance zone, and the result would probably determine the short -term trend for the cryptoma market.
technical analysis
from: Edris
the daily -type
In the daily time frame, the price seems to be briefly breaking through the consolidation of the past few weeks, since the sliding 50-day average is again tested around $ 16,800 marks.
In the case of a valid interest bully outbreak, there would be little resistance in the way, and an increase towards the resistance level of $ 18,000 would be imminent. An outbreak of this significant level of resistance would probably lead to a breakthrough over the large falling wedge pattern, which could lead to a bullish market structure in the medium term.
However, since the price has not yet been successfully climbed over the sliding 50-day average, there is still a considerable chance of rejection, which could lead to a decline in the direction of the support level of $ 15,000.
Tradingview
The 4-hour diagram
In the 4-hour time frame, things seem to be more difficult because the price movement shows signs of rejection of the level of $ 16,800.
The RSI indicator should also be observed closely because it approaches the overbought area of over 70 %, a signal that could indicate a rejection and a declining trend reversal. In this case, the price in the direction of the support area of $ 15,500 could rise.
Nevertheless, it would be too early to speak of a declining movement, since the price is near the level of resistance and later show an impulsive breakthrough on it.
In summary, it can be said that the market is in a very decisive area, so that the next few days and possibly even hours would probably decide on the short -term trend, based on the response to the price to the range of $ 16,800 Tradingview
onchain analysis
of Shayan
The following diagram consists of the key figure Exchange to Exchange Flow (Spot to Derivative Exchanges) in addition to the price of Bitcoin. Obviously, derivative markets correlate closely with the upward and down phase of the market.
An increase in the key figure indicates a higher activity on the derivative markets. As a rule, the participants use derivate exchanges to control their risk and exposure to the market, and a few use the lever option to increase their profits.
Based on the graphic, the sliding 365-day average of the metric during the Bitcoin bull markets increased, while he was reversed during the Baisse-which shows a high correlation.The metric is currently crashing with considerable dynamics. Therefore, it could be too early for Bitcoin to start a bull market because the metric still has scope for a decline.
Cryptoquant
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