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Data from TradingView shows that the day kicked off with a 1.23% sell-off in the price of Bitcoin , which fell to a daily low of $16,867 in early trading but has since clawed its way back above $17,150 where its price has been supported since early December.
A look at the 2-hour Bitcoin chart shows that its price has made several attempts to break higher, “but is continuously pushed back, creating stophunts,” the letter said.“Currently, we seem to be bouncing slightly on the order block around ~$16.8k, which acts as strong support. Slightly lower, around $16.4-16.6k sits a breaker block + a demand zone that many traders will anticipate, should price get there.
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