As of now, the trading price of Bitcoin (BTC) is below the $17,000 level. The bulls have been trying their best to cling to the $16,955 level for a while.
A Long Battle at $16,955
The particular level is a battlefield between the bulls and the bears. Although the general market trend is bearish, the bulls are trying their best to prove their might against the bears.
The bulls are not willing to give up easily against the bears and they are putting in strong efforts to push BTC’s price higher.
Every dip attempted by the bears is being intercepted with the strong buying of the bulls. Even on December 22, the bears initially brought BTC to a lower level but the bulls pushed its price higher.
The moment Bitcoin’s price moved lower, the bulls launched their strong buying spree. This caused the price of Bitcoin to be moved higher.
The bulls ended the strong selling spree with a stronger buying spree. This ended up pushing Bitcoin’s price higher and the candlestick pattern developed a long tail as a result of that.
What are the Bulls Planning?
The bulls have strong sentiments and they may try and use them to their favor, gaining stronger ground against the bears.
Their first target is to be able to cross the moving averages. It is the moving averages that are acting as the overhead resistance levels for the bulls.
If they are able to overcome these hurdles, then the price of the asset will start surging with stronger rallies. The goal that the bulls are trying to achieve with their strong buying efforts is to defeat the bears.
They want to gain enough prominence that the bears do not find it easier to challenge them. This way, the bulls will not be stopped by the bears at every single level.
Bulls Shooting for $21,500
The bulls are currently in very high spirits and they may attempt to push the trading price of BTC higher with stronger buying.
If things go right for the bulls, then they will be able to push BTC’s price to a high of $18,388. As the market sentiments start changing and more technical factors become bullish, then BTC will climb higher.
In the particular scenario, the trading price of Bitcoin will initially cross the $20,000 barrier. Once the particular level has been breached, the bulls will try to push BTC to a high of $21,500.
BTC’s Demise to $15,476
In the worst case scenario, if the bulls are not able to build up enough pressure of the bears, then the opposition will exert strong selling force.
Their selling power may pull BTC to a low of $16,256 and then to a low of $15,476.