Means and mouse – Bitcoin (BTC) price returns below $17,000. The cryptocurrency failed to hold above a key level and the pattern over the past three days could signal more major declines to come.
Back below a resistance line for Bitcoin price
The price of Bitcoin rises as high as $17,543 on Bitfinex today, December 16, 2022, before losing $17,000. Cryptocurrency trades at $16,877 at the time of writing this article. Its price is currently registering a daily loss of 2.85%.
After its foray above $18,300, daily corrections in the Bitcoin price eventually took the cryptocurrency below the 30-day exponential moving average in $17,262 – in orange in the graph below.
Bitcoin had managed to break through this average, which acted as resistance, four days earlier. This impulse then took it over $18,000. However, in light of this pullback below this exponential 30-day moving average, the bulls seem to have been unsuccessful in turning this previous resistance into support.
For the founder of the trading company Eight, Michaël van de Poppe, a drop below the zone of $17,100 – $17,300 announcement ” potentially more problems which “will happen”.
The bears are currently putting pressure on the 30-day simple moving average, which is currently at $16,849 – in blue in the graphic above.
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Do blind mice really show the way?
Can the markets hope for a bullish recovery and a more sustainable recovery to $18,000+ in the coming days? In his tweet today, trader Peter Brandt warned of a ” three blind mice – three blind mice – referring to the three candlesticks of the last days – a doji and two red candlesticks.
In April 2020, the trader had already used these terms, qualifying a pattern of six candlesticks consisting of dojis and green candlesticks, ” six blind mice “. Bitcoin then prepared for a major rally, which occurred a few months after Peter Brandt shared this analysis.
These famous “blind mice” thus seem to refer to an idea of continuity of movement – bearish for the current case – with a possible reinforcement of the latter. So should the markets now expect a bearish continuation that could pick up?
After facing a resistance zone around $18,000-$19,000, Bitcoin is therefore back below a previous resistance line, a return that erased the gains of the past few days.
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