BTCUSD: The sideways movement continues 😒 | Nov. 25, 2022
Looks like the bulls and bears are equally strong at the moment.
In our previous analysis, we highlighted the $18,500 resistance level as a critical one that the price needed to reclaim in order to show signs of strength. It was unable to recapture the resistance, suggesting that the price is currently weak.
In the 4-hour chart, we can see the price has been rejected by the $16,600 mark multiple times. If it sustains above $16,600, we can expect a bounce back to $17,700 in the coming week.
We can also see a slight bullish RSI divergence in the chart above, however, it is still too early to say that we will be seeing a bullish move soon.
Expect a strong move to $18,600 if the price is able to rally to $17,700 in the coming week. However, if the lower support at $15,600 is broken, we can expect a sharp fall, forming a new 52-week low. Traders should wait for a clear breakout on either side before taking any positions to minimize risk!
The major points of interest are $18,500 and $15,600.
In our previous analysis, we highlighted the $18,500 resistance level as a critical one that the price needed to reclaim in order to show signs of strength. It was unable to recapture the resistance, suggesting that the price is currently weak.
In the 4-hour chart, we can see the price has been rejected by the $16,600 mark multiple times. If it sustains above $16,600, we can expect a bounce back to $17,700 in the coming week.
We can also see a slight bullish RSI divergence in the chart above, however, it is still too early to say that we will be seeing a bullish move soon.
Expect a strong move to $18,600 if the price is able to rally to $17,700 in the coming week. However, if the lower support at $15,600 is broken, we can expect a sharp fall, forming a new 52-week low. Traders should wait for a clear breakout on either side before taking any positions to minimize risk!
The major points of interest are $18,500 and $15,600.
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