Bitcoin resistance

BTC, after failing to successfully break the $17k resistance multiple times, moved it a bit lower and now we can see an important resistance in the $15k area.

We now have 2 big resistances: first is the $15k one, which if successfuly broken it will allow it to reach and retest the $17k one, and then the $17k one, which if successfully retested (meaning if it breaks it and holds it), it can continue going higher towards $20k.

We keep seeing lower highs, but no lower lows, which may mean that BTC can find a safe spot in the $12k-15k area and go sideways for a while before deciding to make its next move.

We still have the main support in the $12k area, which is very strong, not going to be easy to break it, but again, if it does happen, considering how strong the support is, we can see $10k or even lower.

In the chart above, you can see a pattern that's called "descending triangle". This pattern usually suggests that buyers are trying to take the price higher, but they continuously keep facing resistances (remember the $15k and the $17k ones). In situations like this, after trying multiple times to get the price higher and failing, the buyers give up, and the sellers overpower them, which may result in the price going lower. That's why seeing the $12k support tried again, might be a possibility.

The best thing to do is to just be prepared for both situations.