Bitcoin (BTC) - The resistance is organizing
Dec 8, 2022
The daily close of the Bitcoin (BTC) price could confirm the loss of support. What are the key levels to watch, if the bears manage to put enough downward pressure in the coming days?
Bitcoin price in daily units: loss of support and the ghost of $15,500?
Bitcoin price dropped as low as $16,720 today, December 7, 2022. The cryptocurrency is trading at $16,840 at the time of writing. Its price is currently recording a daily loss of around 1.50%.
The daily price chart for Bitcoin shows that the cryptocurrency could now lose support at the 20-day exponential moving average at $16,970 – in the green on the chart below.
While some traders like it, Rekt Capital points to this year's June low at $17,611 as potential resistance this winter, Bitcoin price failed to even clear the hurdle at the 30-day exponential moving average at $17,225 – red curve – despite rallies above $17,000 in recent days.
What would be the next levels to watch if today's slide continues over the next few days? Bitcoin's intraday low approached the 20-day simple moving average around $16,653 – in blue.
As the chart above shows, this level served as support for Bitcoin on a daily basis, before the price of the cryptocurrency rallied toward $17,000. When Bitcoin lost that $16,653, it then went down to $15,500.
The 5-hour Bitcoin price: a clean breakout and a significant decline
The 5-hour chart for Bitcoin price shows an even clearer break of very short-term support. Support at the 30-period exponential moving average at $16,941 yielded
Referring to the chart above, this average has supported the price of Bitcoin in the past: blue circle – and clearly crossing it down or up – red circle – Bitcoin registered relatively large declines or increases.
Can markets continue to wait for $19,000 by Christmas, or should they expect a succession of significant declines? The next few days will show if the bulls have the ability to regain control on a day-to-day basis, to allow Bitcoin to break at least the resistances until June at the latest when a strong enough bullish bounce.
How much longer will this cold winter last? Nobody knows. It seems that the whole world has become a bleak place when it comes to cryptos.
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Disclaimer: This article is presented as it is, it is my personal opinion. There is no plagiarism in it and the sources have been referenced.
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