Bitcoin price fails to retake $17K with market ‘not prepared’ for dip – Cryptonium News

Bitcoin price fails to retake $17K with market ‘not prepared’ for dip

Bitcoin (BTC) split traders again on December 21. This is because the sideways movement in the BTC price has divided opinion about its future.

17, 500 is becoming a popular price target for BTC
Data from Cointelegraph Markets Pro and TradingView show BTC/USD trading in a narrow range just below $17, 000.

The only brief spike above $17, 000 did not last long and the pair returned to familiar territory from last week.

No consensus emerged among popular traders, with some predicting a potential upside breakout, while others predicted a plunge to $10, 000.

I see bitcoin moving forward and hope to see it reach $16, 700,” Michael Van de Poppe, founder and CEO of trading firm Eight, told his followers on Twitter on December 20: “I’m hoping for a breakout to $16, 700.

‘So far, all is well, with a sideways consolidation before breaking through the $17, 000 mark and continuing to another $17.5 to $17.7, 000.’

Fellow trader and analyst Elissi agreed that a retracement was a possibility after reaching $17, 500, but Crypto Tony also saw this area as a line in the sand.
“Holding this EQ is a good opportunity to raise supply from $17, 300 to $17, 600,” he said. The stop loss on a short position is if it closes above $17, 600,” he said on the daily chart.
Meanwhile, trading source Game of Trades noted that the S&P;P 500 could be the next to penalize the bearish camp.

“Setting a short squeeze is good for the market,” he predicted, along with a put/call ratio chart of the index:

“One big move higher and it’s game over for all puts.”

Crypto’s Il Capo, on the other hand, warned that this is far from a bullish trend and that a move lower would surprise market participants.
Most people are not prepared for what is coming,” he said. It shows,” he tweeted, echoing the tone that has prevailed most of the year.

Crypto’s Il Capo also noted that “some altcoins are already leading the decline, breaking major support and most have reached new lows.”

He added: “It’s very quiet to pull out of the market.”
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