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Bitcoin Consolidates Inside a Bullish Engulfing Bar



Past Performance of BTC

Bitcoin prices are uneventful, looking at the candlestick arrangement in the daily chart. BTC is within a consolidation, inside the November 20 bull bar. Since prices are bound inside a bullish engulfing bar and still trending within a breakout formation, buyers stand a chance. This outlook is valid if prices are above $16.5k and the bull flag.


Bitcoin Technical Analysis

Bitcoin bulls may have the upper hand in the short term. Of note, prices are above the $16.5k support level. However, they are yet to break the $17.5k and $18.5k sell wall. This reaction level is critical if the uptrend is to be defined. As it is, bears remain in control below $17.5k. Conservative traders can wait for a clear trend definition above $17.5k or below $15.5k. On the reverse side, aggressive traders can double down their selling, targeting the base of the November 30 bull bar in the sessions ahead.


What to Expect from BTC

BTC is in range, inside the November 30 bull bar but above the 20-day moving average. Bulls have a chance, but sellers are in control from a top-down analysis. As long as prices are above $16.5k and $15.5k on the lower end, BTC may rebound, bottoming up after a year of sharp losses.


Resistance level to watch: $17.5k

Support level to watch: $15.5k


Disclaimer: Opinions expressed are not investment advice. Do your research.

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Technical Analysis for BTCUSD for 6th December 2022

Bitcoin Consolidates Inside a Bullish Engulfing Bar



Past Performance of BTC

Bitcoin prices are uneventful, looking at the candlestick arrangement in the daily chart. BTC is within a consolidation, inside the November 20 bull bar. Since prices are bound inside a bullish engulfing bar and still trending within a breakout formation, buyers stand a chance. This outlook is valid if prices are above $16.5k and the bull flag.


Bitcoin Technical Analysis

Bitcoin bulls may have the upper hand in the short term. Of note, prices are above the $16.5k support level. However, they are yet to break the $17.5k and $18.5k sell wall. This reaction level is critical if the uptrend is to be defined. As it is, bears remain in control below $17.5k. Conservative traders can wait for a clear trend definition above $17.5k or below $15.5k. On the reverse side, aggressive traders can double down their selling, targeting the base of the November 30 bull bar in the sessions ahead.


What to Expect from BTC

BTC is in range, inside the November 30 bull bar but above the 20-day moving average. Bulls have a chance, but sellers are in control from a top-down analysis. As long as prices are above $16.5k and $15.5k on the lower end, BTC may rebound, bottoming up after a year of sharp losses.


Resistance level to watch: $17.5k

Support level to watch: $15.5k


Disclaimer: Opinions expressed are not investment advice. Do your research.

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