{"id":177556,"date":"2020-12-11T13:00:57","date_gmt":"2020-12-11T13:00:57","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=177556"},"modified":"2020-12-11T11:07:54","modified_gmt":"2020-12-11T11:07:54","slug":"why-bitcoin-traders-pinpoint-17000-as-the-next-logical-bottom","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-bitcoin-traders-pinpoint-17000-as-the-next-logical-bottom\/","title":{"rendered":"Why Bitcoin traders pinpoint $17,000 as the next logical bottom"},"content":{"rendered":"

The Bitcoin price has been declining throughout the past four days. Ever since its rejection at $19,420 on December 7, the dominant cryptocurrency has struggled to see renewed momentum.<\/p>\n

For most traders, the $18,500 and $18,000 support levels were key to hold BTC's short-term bullish market structure.<\/p>\n

Throughout December, at least until the recent correction, Bitcoin had consistently recovered from $18,500. But, history often echoes, and on the third drop to $18,500, BTC dropped rapidly below it.<\/p>\n

In the near term, traders appear to be expecting the Bitcoin price to test the $16,500 to $17,000 support range.<\/p>\n

\"bitcoin
The 15-minute Bitcoin price chart. Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n

Why $16,500 to $17,000?<\/h2>\n

There are two compelling reasons why traders expect a deeper Bitcoin correction in the short term.<\/p>\n

First, the Bitcoin price broke two major support levels at $18,500 and $18,000 without a strong buyer reaction.<\/p>\n

Second, historical fractals suggest that the Bitcoin price typically sees another major drop after a relief rally before bottoming out.<\/p>\n

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Good morning! pic.twitter.com\/tZ1uUHdDCy<\/a><\/p>\n

— il Capo Of Crypto (@CryptoCapo_) December 11, 2020<\/a><\/p><\/blockquote>\n