link3408 link3409 link3410 link3411 link3412 link3413 link3414 link3415 link3416 link3417 link3418 link3419 link3420 link3421 link3422 link3423 link3424 link3425 link3426 link3427 link3428 link3429 link3430 link3431 link3432 link3433 link3434 link3435 link3436 link3437 link3438 link3439 link3440 link3441 link3442 link3443 link3444 link3445 link3446 link3447 link3448 link3449 link3450 link3451 link3452 link3453 link3454 link3455 link3456 link3457 link3458 link3459 link3460 link3461 link3462 link3463 link3464 link3465 link3466 link3467 link3468 link3469 link3470 link3471 link3472 link3473 link3474 link3475 link3476 link3477 link3478 link3479 link3480 link3481 link3482 link3483 link3484 link3485 link3486 link3487 link3488 link3489 link3490 link3491 link3492 link3493 link3494 link3495 link3496 link3497 link3498 link3499 link3500 link3501 link3502 link3503 link3504 link3505 link3506 link3507 link3508 link3509 link3510 link3511 link3512 link3513 link3514 link3515 link3516 link3517 link3518 link3519 link3520 link3521 link3522 link3523 link3524 link3525 link3526 link3527 link3528 link3529 link3530 link3531 link3532 link3533 link3534 link3535 link3536 link3537 link3538 link3539 link3540 link3541 link3542 link3543 link3544 link3545 link3546 link3547 link3548 link3549

Bitcoin Price Technical Analysis for 12/22/2017 – Bears Settling In

 http://seriouswealth.net/wp/wp-content/uploads/2017/12/Bitcoin-Price-Technical-Analysis-for-22nd-Dec-Bears-Settling-In.

Bitcoin Price Technical Analysis for 12/22/2017 — Bears Settling In

Bitcoin price is trending lower on its 1-hour time frame and might be due for a pullback to the area of interest at $16,000.

Bitcoin Price Key Highlights

  • Bitcoin price continues to trend lower and has just dipped below the $13,500 mark.

  • Price seems to be drawing some support from this area, though, probably making its way up for a correction.

  • Applying the Fib retracement tool shows the nearby inflection points that might serve as resistance.

  • Bitcoin price is trending lower on its 1-hour time frame and might be due for a pullback to the area of interest at $16,000.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This means that the selloff is more likely to resume than to reverse.

The 61.8% Fib is closest to the falling trend line resistance that’s been holding for the past few days. It also coincides with the broken support at the $16,000 longer-term area of interest.

The 38.2% Fib is near the $15,000 psychological level which might also contain plenty of sell orders. The 50% Fib is located at $15,285.

Stochastic is pulling up from oversold territory to reflect a pickup in buying pressure that could allow the correction to stay in play for a while. RSI is also pulling up so bitcoin price might follow suit.

Market Factors

The persistent slide in bitcoin price has probably been leading traders to liquidate their positions before the year comes to a close. The euphoria over the launch of bitcoin futures has faded after all, and there are no major catalysts that could spring another rally.

Then again, there are a few network upgrades scheduled all the way until March next year and this would still likely leave bitcoin stronger than ever. However, issues pertaining to bitcoin trading manipulation have eroded confidence in the cryptocurrency somewhat.

Meanwhile, the dollar remains strongly supported by tax reform progress as the government is on track towards implementing corporate tax cuts soon. This would be very positive for businesses and consumers, thereby upping the chances of seeing more Fed rate hikes next year.

 

Author Sarah Jenn 5:31 am December 22, 2017

 

Posteds by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member