link3381 link3382 link3383 link3384 link3385 link3386 link3387 link3388 link3389 link3390 link3391 link3392 link3393 link3394 link3395 link3396 link3397 link3398 link3399 link3400 link3401 link3402 link3403 link3404 link3405 link3406 link3407 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

Tag: bitcoin recovery

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