The Bitcoin's Down Trend On The H4, Daily And Weekly Time Frames Continues
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Crypto Industry News:
Ledger and Merlin, a decentralized finance (DeFi) portfolio tracker, announced a new partnership on Dec. 13 to bring live DeFi performance analytics to Ledger Live users. The application that connects to Ledger cold wallets serves more than 5 million users.
The newly integrated DeFi tracker connects more than 1,000 DeFi protocols across ten blockchain networks. Users will have access to performance metrics and profit and loss reports, as well as aggregated gas consumption reports and calculated profits.
Technical Market Outlook:
The Bitcoin bulls had broken above the 38% Fibonacci retracement level of the last wave down seen at $17,664, so this level might be tested as well (in a form of a spike up etc.). The local high was made at the level of $17,985 and the market is consolidating the recent gains. The next target for bulls is the key short them technical resistance seen at $18,135, so please keep an eye on this level. The level of $17,428 will now act as the key short-term technical support.
Weekly Pivot Points:
WR3 - $17,347
WR2 - $17,136
WR1 - $17,014
Weekly Pivot - $16,995
WS1 - $16,803
WS2 - $16,718
WS3 - $16,502
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term
Relevance up to 09:00 2022-12-15 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
