Investing: Bitcoin continues to trade sideways

07 December 2022 84
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Source: Investing

Author: Günay Caymaz

Article: Original article

Publication date: Friday, December 2, 2022


Bitcoin made an attempt to break out of the sideways trend, which has been holding the cryptocurrency since the second half of November. Although it managed to temporarily go beyond it to the upside, there wasn’t enough trading volume to continue the move.

 

In case bitcoin keeps finding support in the area where the two moving averages (the 8-day and 21-day moving averages) converge, it may go up, breaking the average resistance of $17,100.

 

However, in case there is no rally above $17,100, the sellers' hand may strengthen at this point and BTC acceleration to the lower boundary of the channel at $15,700 may be seen.

 

As long as the Stochastic RSI on the daily timeframe remains above 80, bitcoin may continue its upward movement.

 

Nevertheless, according to current forecasts, BTC is likely to remain in the $17,000 to $15,500 range for some time.

 

Forecast: bitcoin declines to the lower boundary of the sideways.

 

This content is for informational purposes only and is not intended to be investing advice.

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