Bitcoin Surges Above $17,000, But Another Crash Coming? (BTC price analysis)

                                                            Nach einem massiven Rückgang Anfang November litt der Preis von Bitcoin folglich unter einer extrem geringen Volatilität.  Die Cryptowährung hat sich seit diesem deutlichen Rückgang mit einer ernsthaften Abwärtsdynamik konsolidiert.

Technical Analysis

Through shayan

The daily chart

After falling below both the yellow trend line and the significant support level of $18,000, the price is showing very little volatility on the daily chart. A pullback to the trendline and the broken level is needed before BTC continues to drop to lower levels.

The price has started a bullish rally towards the trendline to retest it as a pullback. However, the dynamic seems to lack conviction.

On the other hand, the broken trendline and the 100-day moving average, which is located around $19,000, combine to make this static level a strong one Resistance close.

Therefore, the price seems likely to retest the $19,000 level and form another bearish leg towards the $15,000 level.
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The 4 hour chart

In the 4-hour period, Bitcoin has formed an ascending wedge pattern and is close to the upper threshold. However, the bullish momentum must be stronger and the price is also developing a bearish double top pattern.

Furthermore, there is an obvious bearish divergence between the price and the RSI indicator. Given these factors, the price seems likely to consolidate towards the upper line of the wedge.

Considering overall market sentiment and bearish price action signs, a rejection from the upper trendline and another cascade are likely.
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