BTC/USD Touches $17,000; Bulls Could Blow Scorching

MaziNjoku

December 24, 2022

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With Bitcoin value prediction capturing above $17,000 now, it’s doing a bit to flip the market sentiment at this stage.

Bitcoin Prediction Statistics Knowledge:

Bitcoin value now – $16,976
Bitcoin market cap – $326.1 billion
Bitcoin circulating provide – 19.2 million
Bitcoin whole provide – 19.2 million
Bitcoin Coinmarketcap rating – #1

BTC/USD Lengthy-term Development: Bearish (Every day Chart)

Key ranges:

Resistance Ranges: $20,000, $22,000, $24,000

Assist Ranges: $14,000, $12,000, $10,000

Wanting on the every day chart, BTC/USD is correcting positive factors from $16,398.22 and begins to begin a brand new improve in direction of the 9-day and 21-day shifting averages. In the course of the European session right now, the Bitcoin value begins a gradual improve above the $17,000 resistance degree because the coin touches the every day excessive at $17,060. Now, BTC/USD is prone to settle in direction of the higher boundary of the channel.

Bitcoin Value Prediction: Would BTC Value Transfer Greater?

The Bitcoin price is seen retracing and buying and selling to cross above the 9-day and 21-day shifting averages because the market value crosses above the $17,000 resistance which is an indication of bullish momentum. Additional improve within the bullish momentum could have to extend the value above this degree; one other resistance could come at $18,000 earlier than reaching the potential resistance ranges of $20,000, $22,000, and $24,000 respectively.

Nevertheless, if the resistance degree of $17,500 failed to carry, it could reverse and face the help degree at $16,000; additional, a rise within the bears’ stress could deliver down the value under the shifting averages and probably hit the important helps at $14,000, $12,000, and $10,000. In the meantime, the technical indicator Relative Power Index (14) is shifting to cross above the 50-level, to extend the purchase alerts.

BTC/USD Medium-term Development: Ranging (4H Chart)

In keeping with the 4-hour chart, the Bitcoin value is seen buying and selling above the 9-day and 21-day shifting averages at $17,001. Nevertheless, on the time of writing, BTC/USD is buying and selling in direction of the higher boundary of the channel however any bearish motion under the decrease boundary of the channel might drag the coin to the help at $16,000 and under.

In the meantime, if Bitcoin (BTC) finds an honest resistance degree above the $17,500 degree, it might improve the bullish motion which can probably push the value to the resistance degree of $18,000 and above. On that word, the technical indicator Relative Power Index (14) is seen shifting to cross above the 60-level, suggesting further bullish alerts into the market.

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