The price of Bitcoin (BTC) is nine. On the 29th it reached over $ 18,000, which on Benson, reached 18,209. However, traders are cautious despite BTC’s weekend rally.
Bitcoin is currently facing resistance at about 18,200, which is also the 10-day moving average (MA) on the daily chart. Some traders expect the BTC to see another decline in the near term before the rally continues, Syntelgraph reported yesterday.
Now why bull for bitcoin?
An unnamed trader known as “Crypto Capo” predicted that bitcoin relief would fall to the 16,000 area and see a રે 18,000 relief rally.
On November 27, when the price of Bitcoin was still around $ 16,700, the trader Said He is willing to cut 18,000.
He added that he is now starting to hedge at 18,100, with plans to cut the hedge if that trend reverses. In the near term, the trader noticed the first confirmation of the correction. 17,400 will be dropped. He Said:
“Hedge positions are starting to form. I don’t want to sell some tsult bags because the entry was pretty good, so a hedge is a good option here. The invalidity for the hedge is obvious. “
If Bitcoin continues to go below $ 17,400 and, finally, 16,800, the trader said the 14 14,000 area is likely to decline.
But, if Bitcoin rises above $ 18,400 and consolidates at approximately, 18,200, which invalidates the bearish structure. Crypto Capo also notes that an aggregation above 19,000 will make the bearish setup completely invalid.
Another nicknamed trader, Loma, who debated a bullish constitution at બંધ 17,500 for Bitcoin, said he had cut his long-term position in half.
The trader insisted that BTC is close to resistance as it seems to be closing its weekly and monthly candles. Considering that, 18,200- $ 18,400 field, there is a resistance range, trader Said:
“Half 18,080 long at the half-long close ~ The resistance in the weekly m / monthly close does not seem to be too much. If we break .4 18.4 there are many buying opportunities. If we don’t sell, there are not many selling opportunities. “
The counter for BTC is a bullish scenario
Bitcoin generally faces two types of corrections: 15% and 30%, said a technical analyst named Cryptobarb.
The analyst said it expects a pull of 14,000, but noted that this does not guarantee. He appointed various technical indicators, in which BTC is in the oversold sector for the first time since Reti started. He Wrote:
“There are two main types of BTC correction: -15% and -30% reduction. While anticipating the K 14k area, I saw that it is the first return on average and the first oversold bullish momentum cross since the start of the rally – a very strong signal. Don’t mind the ATH before Christmas. Who is with me ”
The bullish outlook for Bitcoin still requires BTC to reclaim support at 18,400 and gather on it to confirm the new support level.
Popular trader FileBilb, meanwhile, said it is currently in cash as market uncertainty calls for increased risk management.
Wrote in its weekly newsletter on Sunday that “in the event of a break below K 15K and the possibility of flipping the previous support in resistance, it could present a direct short-term opportunity.” “
