Black line- resistance trend line
Red lines- trading range
Bitcoin is trading around $17,200-$17,400. Yesterday price touched the downward sloping resistance trend and got rejected. Price closed lower. This is an important resistance area. A break above $17,400 would be a sign of strength. Bitcoin continues to trade sideways since the November sell off after the FTX scandal. The upper range boundary is at $17,900-$18,000 and we should reach this level if bulls break above $17,400. Support is at $16,900 and a break below it will push price towards $15,800.
The material has been provided by InstaForex Company – www.instaforex.com
