Published 52 mins ago
On November 22nd, the Bitcoin price witnessed its second reversal from $15600 support within a month. Thus, the coin price rebounded twice from the same support validating its level as a strong accumulation zone. The bullish reversal triggered a new relief rally aiming to surpass $17700.
Key points:
- The post-retest tally may drive the Bitcoin price 2.7% higher to hit the $17700 mark.
- The 50-day EMA wobbling near $17700 increases the resistance power of this level.
- The intraday trading volume in Bitcoin is $18.8 Billion, indicating a 4.32% drop.
Source-Tradingview
The recent recovery in Bitcoin surged the prices by 10% and breached two crucial resistance levels of $16200 and $16900. Furthermore, the coin price went sideways after this rally, trying to sustain above the newly reclaimed support the $16900.
The post-retest rally indicates the buyers have obtained a suitable launchpad to climb up the higher levels. However, the daily candle backed by decreased volume indicates some weakness in bullish commitment.
Today, the Bitcoin price is $17222, with an intraday gain of 0.7%. If the buying pressure persists, the price should rise 2.7% to reach an overhead resistance of $17700, followed by $18500.
However, if the price fails to follow up the bullish path in the upcoming trading session, a prolonged consolidation above will dampen the bullish momentum.
Global In/Out of the Money metric
source- intotheblock
The Global In/Out of the Money (GIOM) on chain metric suggests a neutral stance among BTC holders; 46.48% are in-the-money addresses and witness profits, whereas 49.05% of addresses are out-of-the-money and show losses.
Furthermore, the nearest green cluster with a mean value of $12633 indicates a significant Area of Interest(AOI) and could assist buyers in a bullish reversal.
On the flip side, the red cluster with a mean value of $202530 accentuates an important supply zone.
Technical Indicator
Relative Strength Index: the daily-RSI slope on the verge of entering the bullish territory indicates the improving market sentiment.
EMAs: The rising BTC price recently reclaimed the 20-day EMA slope, which now acts as a significant support to carry the ongoing recovery.
Bitcoin Price Intraday Levels
- Spot rate: $17222
- Trend: Bullish
- Volatility: Medium
- Resistance level- $17700 and $18500
- Support level- $16900 and $16200
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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