Bitcoin Update – 11. Dec 2020
Bitcoin’s price finally started to move away from ATH and is in consolidation and thank god the crypto Twitter is cooling down. The price is currently below the daily midrange ($18,092), which acts as resistance for now. If this level is reclaimed, there will be a good chance that the price will revisit the 18700s. If the resistance will hold, the price is heading towards a $17,270 support area. Red and green rectangles on the chart represent the possible short and long ideas.
There are three resistance areas. The above-mentioned midrange, the 19k, and the ATH resistance areas. But right now the bulls have to end the downward momentum and turn it the other way around, by reclaiming lost levels again.
The important level is at $17,234. The next one is the old midrange at $16,550. An ideal long play for me would be, if the key low at $16,220 gets taken, followed by a reclaim of the lost old midrange level.
The main level is at $13,880. This is the quarterly S/R level based on a closing candle. This level will be a magnet if the price starts breaking down.