Bitcoin Analysis for 2019-12-17 [Premium]

Bitcoin Analysis for 2019-12-17 [Premium]
фото показано с : beincrypto.com

2019-12-17 12:18

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The Bitcoin price broke down below $7000 and is trading at the bottom of the range at $6900. It is also trading near the end of the current descending wedge, suggesting that a breakout will occur within the next few days.

Bitcoin Price Highlights The Bitcoin price has reached the bottom of its range. It is trading inside a descending wedge. The price is trading at the 0.786 Fib level. There is a slight bullish divergence developing in the RSI. Bitcoin’s Trading Range

After making a double top, the Bitcoin price fell below the $7000 support area — amid a bearish engulfing candlestick with very significant volume.

It is currently trading at the bottom of the range at $6900. We have slightly adjusted the minor support and resistance areas to account for the recent price movement.

There is a bullish divergence developing in the RSI, albeit only visible up to the two-hour time-frame and only present in the RSI.

Descending Wedge

The Bitcoin price is still trading inside a descending wedge, however, the support line is adjusted to account for the recent price decrease. Bitcoin is approaching the end of the wedge and we should see a decisive move within the next few days.

The support line is sloped so it does not go lower than $6800.

Using a Fibonacci retracement from the absolute bottom, we can see that the price is at the 0.786 Fib level of the entire upward move. This makes it a likely place for the initiation of a reversal.

It is possible that the price decreases a bit more inside the confines of the wedge, near the 0.88 level at $6775. However, it seems that we are close to reaching a bottom and a breakdown should soon follow.

Afterwards, the Bitcoin price is likely to find resistance near the same minor support areas, firstly at $7150 and $7350.

To conclude, the Bitcoin price is trading near the bottom of its trading range and descending wedge. A breakout should occur within the next few days, causing the price to increase above $7000.

Good luck and happy trading! For our previous analysis, click here.

The post Bitcoin Analysis for 2019-12-17 [Premium] appeared first on BeInCrypto.

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