Bitcoin’s price has been confided by a very tight price range between the 50-day moving average and the ascending trendline. Considering the importance of this price range, the breakout’s direction should determine the mid-term perspective of the cryptocurrency’s path.
Technical Analysis
By Shayan
The Daily Chart
Bitcoin’s price started recovering after the significant crash toward $15K in mid-November. However, the rally didn’t last long and was halted at the $18K resistance level.
On the other hand, the $18K resistance level aligns with Bitcoin’s prior major pivot. In the classical price action analysis, major pivots are crucial in serving as resistance or support for the price based on the trend’s direction. A failure to surpass the prior main pivot in an uptrend rally is a clear bearish sign.
As the chart shows, Bitcoin’s uptrend rally stopped at the same level as the prior major pivot at $18.3K. In light of this, the price has initiated another bearish rally. Hence
We współpracy z: https://cryptopotato.com/bitcoin-drifts-away-from-17k-as-bears-continue-settling-in-btc-price-analysis/
