Bitcoin could not move much above $17k and has since entered a superficial pullback to the support at $16.7k.
However, the problem is that the support here is pretty weak. Bears tried to crack it yesterday but so far buyers managed to stop the bleed. Can they do it again?
If buyers fail here, then expect BTC to retest previous lows at $16k.
The bullish view on this price action is that this pullback was expected ever since the breakout above the current support line in late November.
The chart shows weakness and I'd wait here. Don't take a position when the market can go either way.
I'd not expect new lows at this time, unless we get a sharp rejection at $18k.
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However, the problem is that the support here is pretty weak. Bears tried to crack it yesterday but so far buyers managed to stop the bleed. Can they do it again?
If buyers fail here, then expect BTC to retest previous lows at $16k.
The bullish view on this price action is that this pullback was expected ever since the breakout above the current support line in late November.
The chart shows weakness and I'd wait here. Don't take a position when the market can go either way.
I'd not expect new lows at this time, unless we get a sharp rejection at $18k.
Like and subscribe if you liked this idea!
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