Bitcoin Trades Above $16,500– Could This Be A Bear Trap?

  • BTC’s rate lost its all-time high of $18,000 as FTX mess continued to impact its rate
  • Price continues to look bearish with the marketplace’s existing state, as things look unsure for many traders and financiers
  • BTC’s cost bounces from a low of $15,500 on the day-to-day timeframe as the rate recovers the 50 Exponential Moving Average(EMA)

The previous couple of days for Bitcoin (BTC) have actually been rosy, with the cost rallying from a low of $15,500 to a high of $16,500, with altcoins delighting in some relief bounce throughout the crypto market. In spite of the relief for the rate of Bitcoin (BTC), the cost still trades listed below its previous all-time high assistance of $18,000, which is a bit bothersome considering this area now acts as resistance for a significant rally. The Domino result of the FTX legend and other substantial financiers has actually left the marketplace at a grinding halt as the marketplace is yet to make a significant relocation causing much worry about where the marketplace might be headed. (Data from Binance)

Bitcoin (BTC) Price Analysis On The Weekly Chart

The previous couple of days have actually been filled with a lot turbulence in the crypto area as numerous altcoins have actually struggled to reveal strength after losing their essential assistance holding back rate decrease.

The rate of BTC suffered a decrease in cost to an area of $15,500, with lots of anticipating the cost to discard more to an area of $14,000 to $12,000 when the cost bounced off from this area after forming a bullish pin bar as purchasers pressed the rate greater to an area of $16,500

BTC’s cost requires to break above $18,500 for more indications of relief as this area has actually ended up being essential for much better cost action to a high of $19,500

Weekly resistance for the cost of BTC– $18,500

Weekly assistance for the rate of BTC– $15,500

Price Analysis Of BTC On The Daily (1D) Chart

Daily BTC Price Chart|Source: BTCUSDT On

The rate of BTC stays substantially strong in the day-to-day timeframe as the cost trades above $16,500 after a decrease to an area of $15,500 due to the FTX mess.

If the cost of BTC breaks above $17,500, we might see more rallies for BTC rate; a break listed below an area of $16,000 would be a bear trap as the rate might go lower.

The rate of BTC trades listed below 50 and 200 EMA serving as resistance for the cost of BTC to trend greater. The cost of $18,500 and $23,500 represents the rate of 50 and 200 EMA that requires to be recovered for bulls to be safe from more sag by bears.

Daily resistance for the BTC rate– $17,500
Daily assistance for the BTC rate– $16,500-$15,500

 Featured Image From BusinessDay, Charts From Tradingview

Source: NewsBTC

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