Bitcoin is currently looking for a new key support zone

Bitcoin is currently looking for a new key support zone

In the Bitcoin market, this currently looks uncertain, as valid support is still not verified above $ 20K.


21 Dec 2020 , 12:43 @ CRYPTOSCARFACE

Bitcoin is currently looking for a new key support zone

In the Bitcoin market, this currently looks uncertain, as valid support is still not verified above $ 20K.

Since our last analysis, more than enough has happened with Bitcoin, but in addition to the new ATH of $ 24,157 (CMC), traders are also focusing on which zone they can consider as a valid support.

If we look at the chart, we can see how Bitcoin has grown since December 16 and where the zones of potential resistance and support are currently located. As far as a resistance is concerned, it is confirmed today that it will most likely be the price of $ 24K. Bitcoin has had problems with it since December 19, when it was rejected several times there and today it has lost almost $ 2K from this zone.

At this point, it is therefore very important to define what price area will work as support. Again, we just need to look at the graph where we can see the $ 22.5K price area, where Bitcoin was bounced several times, is trying to be official support. But in order to be able to consider it with certainty as the current support, it will be important to monitor how it will behave during the next 24H, because right now there is an important battle over whether the bulls will lose it or verify and defend it.

Technical analysis:

  • Key support at $ 19.5K
  • Probable current support at $ 22.5K
  • Strong resistance at $ 24K

Read also: The New York Investment Bank has preferred Bitcoin to Gold

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