The $369 pivot zone is continuing to assert its importance. I mentioned this price level in my prior technical analysis and how it might act as resistance again. The market did respect this pivot as resistance on the 2nd of December, when price immediately reversed after hitting $369, and subsequently dropped to $355. Price is now trading above $369 once again, so this pivot will most likely now act as support.
Bitcoin has been rising in a steady manner since the 24th of November, however, price is now approaching a major area of resistance. In fact, the entire band between $385-$390 is one giant pivot! At the beginning of November, this entire area acted as resistance about four different times. Bitcoin has not traded near $390 since the start of last month, so there is a chance that the current bull market may stall near this monster pivot zone.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart source: https://www.okcoin.com
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Hyperliquid is facing one of its most consequential governance moments yet. A proposal now before…
Tether has entered a new category. The company announced the launch of PearPass, a peer-to-peer…
The Solana ecosystem is beginning to prepare for a future many in crypto still treat…
Bitcoin accumulation is no longer subtle. It’s visible. It’s deliberate. And it’s accelerating. In the…
Ripple is pushing its stablecoin strategy beyond a single chain. The company has announced it…
Standard Chartered and Coinbase are pushing their institutional crypto relationship into a new phase. On…