While Bitcoin has appreciated tremendously during November and most of December, the price charts are showing many signs of trend exhaustion. In my prior Bitcoin technical analysis article, I speculated that another descent towards the pivot zone at $442 would break the long-term trend line, and that is exactly what happened yesterday. Price plunged below $442 and the trend line was officially broken.
The pivot zone at $442 – which provided support between the 14th and 15th of December – has now turned into resistance.
Although the higher time frame charts are very bearish, the 30-minute chart is showing a Head & Shoulders formation. This formation indicates that price could attempt another run towards the resistance area at $442. If price breaks under the right shoulder, then another precipitous sell-off is very likely to follow.
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.
Shockwaves moved through the Solana ecosystem after DeFi dashboard and portfolio platform Step Finance confirmed…
Tether has released its Q4 2025 quarterly attestation, and the numbers confirm what much of…
Lighter is officially stepping beyond its roots as a high-performance perpetual DEX with the launch…
Ethereum co-founder Vitalik Buterin is once again channeling personal capital into the long-term foundations of…
Lido Finance has officially activated Lido V3 on the Ethereum mainnet, introducing a powerful new…
Bitcoin tumbled to around $83,500, marking its lowest level in over a month and triggering…