Bitcoin December 16, 2022 – Worst to Come?

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 $17,262in orange in the graph below.

BTC USD in daily unit and 30 period moving average

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 announcementpotentially more problems which “will happen”.

The bears are currently putting pressure on the 30-day simple moving average, which is currently at $16,849in 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 micethree blind mice – referring to the three candlesticks of the last days – a doji and two red candlesticks.

Bitcoin price: three blind mice
Published by Peter Brandt – Source: Twitter

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 movementbearish 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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