Bitcoin (BTCUSD) trades in a resistance zone right now.
Last week the cryptocurrency traded above its 8 week SMA wick resistance line; however, price retreated and ended the week below that SMA, turning it into the current best respected body resistance line, as of November 22nd, 2021.
The previous body resistance line, the 7 week SMA, ended its job after Bitcoin closed last week above it.
The updated wick resistance line is now the 15 week EMA, as of December 6th, 2021:
Zoom in view:
BTCUSD was able to break last week’s body and wick resistance lines, however, new resistance lines came into play. It’s a struggle, but if Bitcoin breaks these lines too, then it’s a testimony that it may be reversing its course.