BTC bulls take control of $ 17,000, but there are worrying signs (Bitcoin price analysis)
BTC bulls take control of $ 17,000, but there are worrying signs (Bitcoin price analysis)
The price of Bitcoin has initiated a rally after finding solid support at around $ 16.5,000 and breaking through the sliding 50-day average. However, the interest bully momentum has weakened because the price meets a critical level of resistance.
technical analysis
of Shayan
the daily -type
After a short-term consolidation at the level of support of 16.5,000, the price has finally started an upward trend and exceeded the sliding 50-day average, which has served as a significant resistance in the past few months.
You can perhaps say with certainty that this youngest rally was expected because the moving average has been exceeded. However, the positive momentum seems to take a break, and the price is now facing the 100 DMA, which is at around $ 17.9,000.
When Bitcoin moves beyond the above level, a movement in the direction of the upper trend line of the multi -month descending wedge is more likely.
Tradingview
The 4-hour diagram
In the 4-hour time frame, a double floor reversal pattern can be seen at the level of $ 16.5,000. After breaking through the section, the price formed higher highs and higher lows and reached the fibonacci retracement level of 0.5. The region between the 0.5-0.618 Fibonacci levels is seen as an important resistance zone in the correction phases of the market. Against this background, the cryptocurrency currently faces an important resistance zone and tries to overcome it.
The interest bully momentum is not very promising. A rejection, followed by a short -term consolidation phase between the support of $ 16.5,000 and the resistance level of $ 17.5,000 could be a possible result.
Tradingview
onchain analysis
The Exchange reserve metric is the total number of coins that are kept in stock exchanges. A considerable increase in the key figure usually points to a higher sales pressure and indicates a total of a trend reversal.
As the diagram shows, a slight recovery is to be observed immediately before each significant price fall during the recent significant declining market phase from the all -time high of $ 69,000 to the low of USD 15,000. This could mean that people send their bitcoins to stock exchanges to distribute them.
The metric recovers easily after the price has broken and started to rise. The big players could see this youngest rally as a sales opportunity to make their profits before further burglaries. In this case, a further declining phase could possibly be imminent in the medium term.
Cryptoquant
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