Baxia Markets
December 23, 2021

Bitcoin struggles to complete breakout

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The cryptocurrency managed to break the resistance at $49,148 but has not been able to complete it. The pair lost some ground today and currently trades below the 50% retracement, a very important level for the asset as breaking it will indicate a downtrend reversal. 


The Bollinger bands continue shrinking and lower volatility is expected in the short term, the price now trades above the short-term moving average, indicating that the price might start an uptrend in the short to mid-term.


BTC Dec 13th 2021


The relative strength index is at 43% which will allow Bitcoin to start a not so aggressive but steady rally in the upcoming sessions. Our parabolic SAR indicates that the price will continue to fall, however, if the breakout is completed it is very likely that the price will continue to climb.


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