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On November 22, bitcoin price saw its second reversal from the $15,600 support in a month. Thus, the coin price bounced twice from the same support, confirming its level as a strong accumulation zone. The bullish reversal started a fresh recovery rally aimed at surpassing $17,700.
Core items:
- The balance after the retest could push the bitcoin price up 2.7% to reach the $17700 level.
- The 50-day EMA floating near $17,700 is adding resilience to this level.
- Bitcoin intraday trading volume is $18.8 billion, indicating a 4.32% decline.
Source-trading view
Bitcoin’s recent rebound saw prices surge 10% and broke two key resistance levels of $16,200 and $16,900. Furthermore, after this rally, the coin price moved sideways and attempted to hold above the newly regained $16900 support.
The rally after the retest shows that the buyers have been given a proper launch pad to scale the higher levels. However, the daily candle, supported by lower volume, suggests some weakness in bullish engagement.
Today, bitcoin price is $17222 with an intraday gain of 0.7%. If the buying pressure continues, the price should rally 2.7% to hit overhead resistance at $17,700, followed by $18,500.
However, if the price fails to follow the bullish path in the upcoming trading session, sustained consolidation above it will dampen bullish momentum.
Global in/out of the money metric
source-intheblock
The on-chain Global In/Out of the Money (GIOM) metric suggests a neutral stance among BTC holders; 46.48% of addresses are in-the-money and showing gains, while 49.05% of addresses are out of the money and showing losses.
Additionally, the next green cluster averaging $12633 indicates a significant area of interest (AOI) and could help buyers in a bullish reversal.
On the other hand, the red cluster with a mean value of $202530 highlights a key supply zone.
Technical indicator
Relative Strength Index: The daily slope of the RSI on the brink of entering the bullish zone indicates the improving market sentiment.
It is not: The rising BTC price recently reclaimed the 20-day EMA slope, which is now serving as significant support to sustain the ongoing recovery.
Bitcoin price intraday levels
- Spot rate: $17222
- Tendency: bullish
- Volatility: medium
- resistance level $17700 and $18500
- Support Level-$16900 and $16200
For the last 5 years I have worked in journalism. I follow the blockchain & cryptocurrency for the last 3 years. I’ve written on a variety of different subjects including fashion, beauty, entertainment and finance. Contact me at brian(at)coingape.com
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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