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Crypto Industry News:
The crypto market saw a recovery last week as Bitcoin (BTC) showed resilience amid heightened uncertainty from the ongoing FTX implosion and unrest in China.
After reaching a local peak of $16,744 on Nov. 24, Bitcoin started a gradual decline amid a wider slowdown in market activity as the U.S. celebrated its annual Thanksgiving holiday. BTC price slumped to the $16,000 level in the late hours on Nov. 27 as protests in China against Covid restrictions sparked investor anxiety in global markets.
Even though Bitcoin held firmly above the $16,000 mark, it spent Monday in the red as the news of crypto lending firm BlockFi's bankruptcy filing broke. Yet, BTC shrugged off the negative news to see a late-day rally that sent it into positive territory. Overall, the largest cryptocurrency was rangebound in the $16,000-$17,000 zone, closing the week with a 4.4% gain.
Technical Market Outlook:
The Bitcoin bulls bounced above the local trend line resistance and made a new local high at the level of $17,079, however, there is no follow up with this move up so far as the market keeps trading back inside the old, narrow range. The next technical resistance is seen at $16,793. The momentum bounce from the extremely oversold market conditions was very short-lived and now the indicator is back under the level of fifty. Whipsaw trading conditions inside the range continue. There is no indication of the down trend on Bitcoin to terminate or reverse, so the next target for bears is seen at the level of $13,563 (2019 high).
Weekly Pivot Points:
WR3 - $17,057
WR2 - $16,628
WR1 - $16,391
Weekly Pivot - $16,199
WS1 - $15,962
WS2 - $15,770
WS3 - $15,340
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $15,555 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout in the long term.
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