Bitcoin (BTC) – Sustaining a sturdy negative bearing

Bitcoin (BTC) – Sustaining a sturdy negative bearing

Bitcoin (BTC) took a minor step back following the recent bounce from a fresh two-year low of 15,400 and has been trading in a quiet fashion over the U.S. Thanksgiving Holidays amid a remarkable decrease in trading volume.

As regards the technical outlook, it is still looking gloomy, and despite the recent price stabilization, the crypto-king is sustaining a strong bearish trend at the lower end of the Keltner channels. The ADX indicator is supporting that view, as it is holding firm way above 25 with the -DI and +DI lines remaining negatively aligned.

However, other technical indicators are suggesting that the bearish impetus is subsiding somehow. The RSI has been improving slightly after bouncing off the 30-oversold threshold, and the KST is ready to cross above its moving average in the negative region.

If the price reclaims additional ground, resistance could originate from the 20-day exponential moving average seen around 17,000. Steering higher, the 18,000 – 18,200 resistance border, encapsulating the upper-Keltner channel, could then try to cap advances. In the event buyers conquer this barrier, they may pursue the 20,000 zone ahead of the last top at 21,500 posted on November 5^th.

Otherwise, if sellers re-emerge in the vicinity of the 20-day exponential moving average, they will stage another attack on the 15,600 – 15,400 base molded by the recent lows. Cracking that floor will unleash a fresh bearish wave towards the 14,000 area. Even lower, the sell-off could accelerate toward the 12,500 support barrier taken from the August 2020 peak.

Summarizing, Bitcoin remains heavy beneath the 20-day exponential moving average. A decisive close higher will abate negative risks and signal further upside corrections. Any rejection at this point will restore bearish pressures.