BTC/USD Trades in a Tight Range but Faces Rejection at $48.65k – December 30, 2021
BTC/USD plunges to the low of $46,079 as it faces rejection at $48.65k. The upward correction has been stalled at the 21-day line moving average. Bitcoin is trading at $48,031 at press time. The cryptocurrency has fallen below the moving averages. This will mean that the selling pressure may continue. In the meantime, Bitcoin is range bound between $46,000 and $52,000 price levels.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
BTC/USD – Daily Chart
Following the recent decline above the $46,000 support, buyers have begun to push Bitcoin upward. The market corrected upward but was resisted at the high of $48,650. Bitcoin is now fluctuating below the $48,000 high and at the same time above the $46,000 support. In other words, the king coin will be trading in a tight range in a couple of days to come. When the market consolidates in a tight range, it implies that a breakout or breakdown is imminent.
Bitcoin (BTC) Indicator Reading
Presently, the BTC price is above 70% area of the daily stochastic. It implies that King coin is approaching the overbought region of the market. This suggests the current uptrend may face rejection at the recent high. The BTC price is below the moving averages which suggest that the market will encounter another round of selling pressure. Bitcoin has fallen to level 43 of the Relative Strength Index for period 14. The market is in the downtrend zone and below the centerline 50.
BTC/USD – 4 Hour Chart
On the 4-hour chart, BTC/USD is in a range bound move between $46,076 and $52,031 as it faces rejection at $48.65k. Bitcoin is currently at the bottom of the chart. Buyers are finding penetration difficult at a high of $48,650. The king coin is rising upward after a minor retracement.
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