Strong Resistance/Bullish and Bearish Conditions/Buying Pressure

Bitcoin's Analysis


1/12/20231 min read

Bitcoin was supported the previous day by a retracement to the $17,322 range, which is the 50% Fibonacci retracement range, and rose to the resistance levels considered for it in the $18,000 range. The increase in the price of Bitcoin has continued until the previous ceiling in the range of 18,389 dollars. Resistance on the chart for the past seven months has much power to react. The important point is that in the daily time frame, the number of bullish candles and the shape of the candles are all signs of buying pressure. So this time, if there is an attempt to break the resistance of the previous ceiling and form a higher ceiling, we can get a strong signal for a trend change in the 4-hour time frame. For the short term and in the lower time frames, we expect the formation of a range trend below the current resistance for Bitcoin . If Bitcoin can break this strong resistance of $18,389, located in the area of ​​100% daily Fibo, its next target is around $18,500 and then $19,200. If the Bitcoin force does not reach this resistance, the specified supports will be its stations. Be sure to use risk and asset management in your trades.

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