BTC has been trading in a tight range since Thanksgiving on Nov. 24 as traders remain unsure of the next directional move. The asset has been consolidating between $15,588 and $17,622 for the past few days. The RSI has formed a bullish divergence, suggesting that selling pressure may be easing. Normally in a bear market, analysts tend to get super bearish and they project targets that tend to scare investors off. Bitcoin’s failure to stage a strong recovery has led to multiple bearish targets ranging as low as $6,000. While anything is possible in a bearish market, should traders be long-term, one could try to accumulate fundamentally strong cryptos in several legs. The asset price has fallen by around 2% while the global volume is up by more than 44% with the dominance of 37.99% of the market.
At the time of writing, BTC was trading at $16,240.
BTC after breaking and closing below the long-held support of $17,500 – $18,000 made the low of $15,476. On a daily time frame, the asset continues to consolidate and trade in a narrow range from $17,250 to $15,500. Breakouts on either side of the range with good volumes will further decide the trend for the BTC. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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