Bitcoin Update:
In above chart we cans see that BTC price is in a down trend since Nov 2021. Each time BTC formed a bearish flag, we saw a correction in price.
Support: BTC is trading close to $17,000 We can see a bearish downside channel breakout on the chart. $16700 is next support if it breaks. BTC will retest $15500-$16000 level which will be a good entry to accumulate
Resistance: $17200 plays as resistance. If BTC is able to close the candle above it, $18400 will be the next resistance.
We can see pressure in the US index due to the PPI data last week. Tomorrow CPI data will be released before US session and so we can see a short term weakness in the US market and Crypto too. FED FOMC meeting on Dec 14 and high chance we will see 50 BP in the upcoming meeting.
TL;DR We will see side ways in crypto with small volatility this week.
Weekly chart look good and showing BTC is ready for upside move in the coming weeks
Expecting $28000/$38000 by July 2023 BitcoinAltcoinCryptoNews
