Bitcoin (BTC) is trading below the important $18,500 resistance area. Its breakdown will indicate a bullish January and longer-term outlook for the coin. In November 2021, Bitcoin (BTC) formed an all-time high of $69,000 and has since moved along a descending resistance line.. As a result, in November 2022, the price reached a low of $15,632. As the results of technical analysis show, the BTC rate, despite the decline, still broke through this line in October 2022, and the next month tested its strength as support (green icon). This price behavior is typical of bullish breakouts and could lead to a resumption of growth.. However, if bitcoin fails to launch a bullish move, it could trigger a price crash towards $11,800. The weekly RSI supports the bullish scenario.. It gives bullish divergence signals (green line) and its trendline remains unbroken. In addition, the RSI indicator is in the process of a bullish breakout of the bearish divergence trendline that has been on the chart for 721 days.. It will take another bullish close of the week to confirm the breakout. As a result, on the weekly chart, both the price and technical indicators support the beginning of growth.. In this case, the nearest resistance will be the $24,500 area (average price), and the nearest Fib level is at $35,800. Meanwhile, the absorption of the low of November 22 at $15,632 will cancel this bullish forecast and may provoke a fall in BTC towards $11,000. Source: TradingView However, the daily time frame paints a more blurred picture as Bitcoin trades below the $18,500 resistance area. Between June and November 2022, this area played the role of support, and then turned into resistance in December (red icon). The trend will be considered bearish until the price breaks this area.. At the same time, it is also strengthened by a descending resistance line, which underlines its significance. Accordingly, only a breakout of the BTC rate above these resistance levels will allow us to regard the dynamics of the coin as bullish.. Source: TradingView The shorter 6-hour chart shows that before the market starts to rise, it may first fall. This is indicated by the price decline of December 14, which seems to be impulsive.. Accordingly, we are probably dealing with wave A of the ABC correctional structure. Now BTC is near the Fibo resistance level of 0.618 correction at $17,260. In the event of a bounce from this level, the price may decline and complete wave C. On the other hand, a clear break of this level will signal the end of the correction and give reason to expect a bullish breakout. Source: TradingView Thus, the weekly timeframe is bullish, the daily is mixed, and the short-term is bearish.. Overall, the most likely scenario for BTC is the start of a long-term easing rally.. Absorption of the 2022 low at $15,380 will cancel this bullish outlook. Earlier, the editors of BeInCrypto collected in one review the opinions of members of the crypto community on how BTC might behave in the near future. Disclaimer All information contained on our website is published on the principles of good faith and objectivity, and for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.