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

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

  • BTC’s value misplaced its all-time excessive of $18,000 as FTX fiascos continued to have an effect on its value 
  • Value continues to look bearish with the market’s present state, as issues look unsure for many merchants and traders 
  • BTC’s value bounces from a low of $15,500 on the every day timeframe as the worth reclaims the 50 Exponential Moving Average (EMA)

The previous few days for Bitcoin (BTC) have been rosy, with the worth rallying from a low of $15,500 to a excessive of $16,500, with altcoins having fun with some reduction bounce throughout the crypto market. Regardless of the reduction for the worth of Bitcoin (BTC), the worth nonetheless trades under its earlier all-time excessive help of $18,000, which is a bit problematic contemplating this area now serves as resistance for a significant rally. The Domino impact of the FTX saga and different enormous traders has left the market at a standstill because the market is but to make a significant transfer resulting in a lot concern about the place the market might be headed. (Knowledge from Binance)

Bitcoin (BTC) Value Evaluation On The Weekly Chart

The previous few days have been stuffed with a lot turbulence within the crypto area as many altcoins have struggled to point out power after shedding their key help holding off value decline.

The value of BTC suffered a decline in value to a area of $15,500, with many anticipating the worth to dump additional to a area of $14,000 to $12,000 when the worth bounced off from this area after forming a bullish pin bar as patrons pushed the worth increased to a area of $16,500.

BTC’s value wants to interrupt above $18,500 for extra indicators of reduction as this area has grow to be key for higher value motion to a excessive of $19,500.

Weekly resistance for the worth of BTC – $18,500.

Weekly help for the worth of BTC – $15,500.

Value Evaluation Of BTC On The Day by day (1D) Chart

Day by day BTC Value Chart | Supply: BTCUSDT On

The value of BTC stays significantly robust within the every day timeframe as the worth trades above $16,500 after a decline to a area of $15,500 as a result of FTX fiasco.

If the worth of BTC breaks above $17,500, we may see extra rallies for BTC value; a break under a area of $16,000 could be a bear lure as the worth may go decrease.

The value of BTC trades under 50 and 200 EMA performing as resistance for the worth of BTC to development increased. The value of $18,500 and $23,500 corresponds to the worth of fifty and 200 EMA that must be reclaimed for bulls to be secure from additional downtrend by bears.

Day by day resistance for the BTC value – $17,500.
Day by day help for the BTC value – $16,500-$15,500.

Featured Picture From BusinessDay, Charts From Tradingview

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