Dec13 #Bitcoin:1day: We can see downtrend channel on btc chart after making top $69000. As of now BTC is moving in range $46700 to $51000.
Daily MA200 at $46770 is working as support. Breakout below this will create more panic in market and bears will try to control market.
But Crypto market is not so weak as it look. On BTC daily chart we can see BULLISH RSI. MACD also indicate that btc take jump any time.
Onchain analyses also indicate that Exchange BTC reserve near all time LOW which reduce sell presure and price can bounce any day.
Global Market and DOW future also bounce back and running near 36000. We saw big correction of7% in DOW after announcement of new CORONA variant but now DOW and Global INDEX bounce back again in last week.
Fear Index near 16% and BTC can give a wick downside for short lover but that will be buying opportunity. On Chain analyses also indicate that we can see big short liquidation in 2nd half of December.
