As we are approaching the end of the low-volume Christmas period, cryptocurrencies might be ready for a jump in trading activity, but today, choppy conditions are still dominant. That said, Bitcoin experienced buying throughout the session, and it reached slightly above the Saturday correction highs, as altcoins lagged behind.
BTC breached the $16,000 level, as the short-term momentum indicators cleared the oversold readings, getting back to neutral territory. Despite the recent correction, the coin still faces long-term pressures, and further correction is likely in the coming weeks, with a dip below $10,000. Key support levels below the key $13,000 zone are found at 11,300, $10,000 and $9000, with stronger levels at $8200 and $7700.
Until the Lightning Network is fully implemented and proves to be functional, there is also the problem of Bitcoin's high fees.
I am looking to see if it breaches $17,300 which is 10% above the high point of the recent double bottom. If not we may be heading for a busted double bottom.
BTC breached the $16,000 level, as the short-term momentum indicators cleared the oversold readings, getting back to neutral territory. Despite the recent correction, the coin still faces long-term pressures, and further correction is likely in the coming weeks, with a dip below $10,000. Key support levels below the key $13,000 zone are found at 11,300, $10,000 and $9000, with stronger levels at $8200 and $7700.