Analysis Cryptos Support & Resistance

Bitcoin challenges key downward sloping resistance trend line.

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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 –