Bitcoin (BTC/USD) Talking Points
- Bitcoin prices remain rangebound - 2017 high holds as critical resistance
- BTC/USD threatens trendline resistance, but bears fight back
- USD weakness boost stocks while cryptocurrency lag
![](https://a.c-dn.net/b/0YPMDo/logo-stripe.png)
![Top Trading Opportunities in this Quarter](https://a.c-dn.net/b/0WEWFC/500x707Forecast-TopTradingOpportunities.png)
![Top Trading Opportunities in this Quarter](https://a.c-dn.net/b/0WEWFC/500x707Forecast-TopTradingOpportunities.png)
Bitcoin Technical Analysis
Bitcoin prices have continued to consolidate within a narrow range, formed by key technical levels of prior moves. With earnings season currently underway, resilient earnings from Goldman Sachs and a weaker US Dollar allowed major stock indices to hold gains, driving equity futures higher.
Although there has been a positive correlation (they generally move in the same direction) between stocks and cryptocurrency throughout the year, BTC/USD has remained constrained by technical resistance which continues to hold firm.
Visit DailyFX Education to Learn How to Trade Ranges
With a broader range forming between 17,792 (the 78.6% Fib of the 2020 – 2021 move) and 20,500, the 19,666 has proven to be another big level for both the short and long-term move.
For those who may recall, this level was the prior all-time high that capped the upside move in December 2017 and again in December 2020. Now, almost two-years later and this level continues to hold bulls at bay.
![](https://a.c-dn.net/b/0YPMDo/logo-stripe.png)
![The Fundamentals of Range Trading](https://a.c-dn.net/b/2BkVgK/500x707Advanced-RangeTrading.png)
![The Fundamentals of Range Trading](https://a.c-dn.net/b/2BkVgK/500x707Advanced-RangeTrading.png)
Bitcoin (BTC/USD) Weekly Chart
![Chart, histogram Description automatically generated](https://a.c-dn.net/b/3EVBBq/image1.png)
Chart prepared by Tammy Da Costa using TradingView
As bulls struggle to clear trendline resistance (from the 2021 high), the daily chart below further highlights the short-bodied candles that have been forming over recent weeks. With a tighter range forming between 18,183 and 19,666, a break of either side could fuel momentum, opening the door for a breakout.
Bitcoin (BTC/USD) Daily Chart
![Graphical user interface, chart Description automatically generated](https://a.c-dn.net/b/3zEhcO/image2.png)
Chart prepared by Tammy Da Costa using TradingView
However, with the above-mentioned range currently intact, the below levels may provide an additional catalyst for price action.
Bitcoin (BTC/USD) Key Levels
Support | Resistance |
---|---|
18,183 (October low) | 19,666 (2017 High) |
17,792 (78.6% retracement 2020 – 2021 move) | 20,500 (Psychological Resistance) |
16,000 (Psych level) | 22,871 (September High) |
Bitcoin Further Reading:
- What is Bitcoin? Understanding Bitcoin as a Cryptocurrency
- New to Bitcoin? Read how to start trading cryptocurrency guide
- Learn how to day trade Bitcoin & other major crypto
--- Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: @Tams707