There was great support line on Bitcoin price chart coming from the middle of November. Bitcoin price broke down this support line and made a bearish trap. After completin bearish trap, Bitcoin price went down under this support line and It started to work as a resistance.
Here you can see daily chart of Bitcoin. Even Bitcoin price reversed up yesterday and It went up 6% from the bottom of yesterday, It may not be a bullish signal. Because Bitcoin price touched the resistance at 96K USD level.
Bitcoin price need to breakup this resistance to enter bullish trend. If Bitcoin price breaks up this resistance, there is downtrend line I drew it as yellow. Bitcoin price may be resisted by this downtrend line If it breaks up the resistance. The level of downtrend line is at 100K USD level..
Here you can see the indicators on daily chart of Bitcoin. MACD and Fisher Indicators are at good level for bullish. So, Bitcoin price should break up the resistance. If it breaks up, the downtrend line as yellow may resist Bitcoin price at 100K USD level.
Weekly chart of Bitcoin is still so bearish. Bitcoin should spend time to complete the correction.
It can be said that Bitcoin and crypto market are at picking up season. It may be great to pick up if there is chance for discount.
We will see...
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Good to see bitcoin making moves these days. I’m sure very soon Hive and other great alts would follow suit.
is it good to go short or long at this time?
There are lots of great resistances on Bitcoin price chart. We should wait until February..
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