link294 link295 link296 link297 link298 link299 link300 link301 link302 link303 link304 link305 link306 link307 link308 link309 link310 link311 link312 link313 link314 link315 link316 link317 link318 link319 link320 link321 link322 link323 link324 link325 link326 link327 link328 link329 link330 link331 link332 link333 link334 link335 link336 link337 link338 link339 link340 link341 link342 link343 link344 link345 link346 link347 link348 link349 link350 link351 link352 link353 link354 link355 link356 link357 link358 link359 link360 link361 link362 link363 link364 link365 link366 link367 link368 link369 link370 link371 link372 link373 link374 link375 link376 link377 link378 link379 link380 link381 link382 link383 link384 link385 link386 link387 link388 link389 link390 link391 link392 link393 link394 link395 link396 link397 link398 link399 link400 link401 link402 link403 link404 link405 link406 link407 link408 link409 link410 link411 link412 link413 link414 link415 link416 link417 link418 link419 link420 link421 link422 link423 link424 link425 link426 link427 link428 link429 link430 link431 link432 link433 link434 link435 link436 link437 link438 link439 link440

Bitcoin Price Technical Analysis for 12/27/2017 – Rebound Underway?

Bitcoin Price Technical Analysis for 12/27/2017 – Rebound Underway?

Bitcoin Price Technical Analysis for 12/27/2017 — Rebound Underway?

Bitcoin price is slowly starting to trend higher once more, possibly rebounding from the slide in the previous week.

Bitcoin Price Key Highlights

Bitcoin price appears to be recovering from its pre-Christmas slump, forming higher highs and higher lows again.

Price is trading inside an ascending channel pattern and is currently testing the resistance.

A pullback to support could be due and using the Fib retracement tool shows the potential inflection points.

Bitcoin price is slowly starting to trend higher once more, possibly rebounding from the slide in the previous week.
 

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA on this time frame, so the path of least resistance is to the downside. This means that the selloff is more likely to resume than reverse.

However, the gap is narrowing to signal weakening bearish momentum. If an upward crossover materializes, bullish pressure could kick into high gear and allow the uptrend to continue.

Stochastic is also on the move down, though, so buyers might be taking it easy. This could allow bitcoin price to retreat to the channel support at $14,000 near the 61.8% Fibonacci retracement level. A shallow pullback could find a floor at the 38.2% Fib closer to $15,000 and the mid-channel area of interest.

RSI has plenty of room to head south, so bitcoin price might follow suit until both oscillators hit oversold levels and turn back up.

Bitcoin Price Technical Analysis for 12/27/2017 – Rebound Underway?

Market Factors

Analysts are attributing the recent climb to improved access to buying cryptocurrencies. However, Coinbase suffered a backlog of outgoing transactions earlier on and the issue remains unresolved.

“Due to high volume, we are experiencing a backlog of outgoing transactions for BTC and ETH. … Outgoing transactions of BTC and ETH may be delayed by several hours.”

Event risks involve additional network upgrades or “hard forks” but rising investor interest appears to have been enough to keep bitcoin price supported. After all, bitcoin futures on the CBOE and CME have allowed access to more institutional and retail investors

Still, the dollar could prove to be a worthy opponent as the signing of the tax bill into law would be very positive for the US economy.

 

Author Sarah Jenn 4:53 am December 27, 2017

 

Posted by David Ogden Entrepreneeur
David ogden Cryptocurrency Entrepreneur

Alan Zibluk Markethive Founding Member