Bitcoin looks wobbly above key $16,000 support, warn analysts.
showed BTC/USD maintaining the $16,000 support level at the time of writing amid misgivings over China’s impact on risk assets.of a “teleport” toward $12,000 should $16,000 break.Popular Twitter account Credible Cryptowhere the volatility had gone, while Crypto Tony likewise identified $16,000 as a line in the sand for his own trading strategy.
“Finally some movement .. Stop loss firmly remains at $16,000, but will close if hit and look for shorts if we then proceed to close below the support zone and flip into resistance,” part of a tweetFellow trader Pentoshi meanwhile focused on macro triggers as Chinese protests over the country’s COVID-19 containment strategies weighed on sentiment.S&P 500 1-week candle chart.
“When BTC lost the ~$19500 level as support... It broke down into the ~$13900-$19500 Monthly Range,” he“Monthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.”for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018.
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