BTC-“Converging Triangle Pattern”

1-Day Analysis:

Big Picture: Bitcoin price action has been caught in significant indecision and volatility. This volatility may be caused by a lack of liquidity as the year comes to a close. Both participants are competing head to head in order to accomplish a favorable monthly closure. Meanwhile, the bulls have the upper hand for the time being and may continue to do so.

On the Upside rice was able to break through the immediate barrier but failed to build a stronghold at the next resistance level, resulting in intraday profit-taking. For the session, the first resistance levels of 43,165 and 43,285 remain valid, followed by the next congestion zone from 43,620 to 43,880. Bulls must establish a foothold over 44,000 in order to re-establish short-term circumstances in favor and aim for 44,800 and 45,400.

On the Downside the daily EMA-22 has been a primary driver of dynamic support. Price has consistently honored this support since mid-November.  The EMA-22 is now positioned around 42,470, which is also the current short-term range-mid point. However, if sellers want to extend the downside, a breach below this midpoint is essential. Breaking the support level successfully, pushes the downside into 41,600 and possibly back into 40,520.