The bulls attacked the $ 24,000 twice today, December 23, 2020. Bitcoin (BTC) is currently facing strong selling pressure, with BTC’s ATH only a few hundred dollars above. Technical indicators show a Bitcoin capable of conquering new ATHs, trying to crack the resistance at $ 24,000 daily. In the event of a major correction in its price, Bitcoin can count on daily supports which have risen well in recent days.
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A decompressed market, uninhibited bulls for a new ATH?
Bitcoin surged above $ 24,000 today. The rejection briefly led the BTC below $ 23,000, before rising to more than $ 800 in just 30 minutes, again attacking $ 24,000.
Bitcoin is trading at $ 23,567 at the time of writing. The BTC could end this day with a green candlestick, a red candlestick or a doji as well.
The $ 24,000 is a major resistance line for bulls that must break it in order to claim new ATHs.
The fall of Bitcoin during these last days which made him lose the 23 000 USD, allowed to decompress the markets on a daily basis.
The daily RSI (14) fell to 69. It was well over 70 when the BTC had hit a new ATH above $ 24,000.
Bitcoin however remains overbought on a weekly and monthly basis with RSI (14) standing at 83 and 78 respectively.
$ 20,000 defense wall rises
The 20-day moving average has now risen above $ 20,500, strengthening the defense of $ 20,000.
Over a shorter period, bulls may benefit from support at the 5 and 10 day moving average levels of $ 23,450 and $ 22,320 respectively.
The 50-day moving average is above $ 18,530; according to Michael van de Poppe, the $ 18,500 is a key level to watch in the event of a major correction in the price of BTC.
The reindeer will run through the skies on Christmas Eve to allow Santa Claus to distribute the gifts around the world. Will the bulls do the same by then or will they rest so they can enjoy the holidays?
Litecoin, welcome in the Silver Age