Bitcoin Price Analysis: Another Test of $44K – $45K Resistance Incoming for BTC?

Similar to the merger in May-July 2021, the market is making worthwhile / worthwhile shares in the $ 40K- $ 42K. With the exception of short-term value propositions, the aforementioned positions will be a major support (or refusal) for value-added events.

Technical analysis

Many experts believe the $ 40K- $ 42K zone equates to the $ 30K- $ 32K in May-July. As of December 5, the $ 40K- $ 42K section has been a good support.

But, considering the limited requirements in the local market, bitcoin can see lower prices if this powerful support fails (bitcoin closes a candle every day under it). Fibonacci levels are reflected in the daily trend. The 0.382 Fibonacci level and red spot that covered each other make a strong resistance of $ 50K- $ 51.5K.

Source: TradingView

It looks like there will be a sell-off of this level if bitcoin touches this resistance.

Short-term analysis

Despite a positive move in price within the last week, bitcoin could not be broken beyond $ 44.5K. As the chart shows, there are several levels up to $ 50K. BTC was rejected by several of them, who crossed over to each other and created a $ 44.5K- $ 45K stronghold.

Source: TradingView

Within 4 hours, bitcoin came out with a bearish line (orange line). It looks like the draw is over, and the cryptocurrency could try to break $ 44.5K-45K again in the near future.

Book Analysis

Anonymous Image
Bitcoin Heatmap

Considering the heat map of open rules, it is clear that FTX images has played a major role in recent prices since the market collapsed to 40K (Dec 2021). There are many examples where the price met the walls of buy / sell. Therefore, it would be prudent to keep an eye on this order book at future rates.

The Technical Analysis is prepared by N_E_D_A.


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Cryptocurrency charts and TradingView.

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