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    Home » Crypto News » Bitcoin Price Analysis Dec.12: Range is tightening, a major move is nearby

    Bitcoin Price Analysis Dec.12: Range is tightening, a major move is nearby

    Author: Yuval Gov

    Last Updated Dec 12, 2018 @ 10:01

    Following yesterday’s analysis, whereas Bitcoin was consolidating in a tight range, the current situation is pretty much the same: For the past two days or so, Bitcoin is consolidating between $3330 and $3430.

    As we know from the recent weeks (since breaking down the $6000 support), Bitcoin doesn’t like to consolidate for a long term. Hence, I do expect a significant move soon.

    Bollinger Bands support this as well: By looking on the hourly chart, the bands are at their tiniest spread since December 1. As a reminder, this led to a significant move from $3900 to $4270.

    Is the move we are expecting going to be positive again? Let’s see.

    Looking at the 1-day & 1-hour charts

    • On both the hourly and the daily chart we could see that Bitcoin is encountering a major descending trend-line that was initialized around $4270 two weeks ago. This is a decision point.
    • The RSI of the daily chart is reaching support on the ascending trend-line, a decision point number 2.
    • For the short term, The Stochastic RSI of the hourly is reaching the overbought area. The market will need some air before a possible continue upward.
    • Bitcoin is now facing the 50 days MA support-turned resistance line (the pink line), along with the descending trend-line mentioned above.
    • For the bulls, behind the 50 MA, lies the 100 MA resistance (the white line, both around $3400), the next resistance is at $3500 level (along with the 200 days MA – the purple line) before reaching the $3600 – 3630 resistance area.
    • From the bear side – the closest support is nearby: $3350 – $3370. Below is the $3300 and $3200 level, which is also the annual low.
    • The trading volume is low compared to the past two weeks, in anticipation of a big move.
    • BitFinex’s open short positions had a slight increase to 37,000 BTC of open positions.

    BTC/USD BitStamp 1-Hour chart

    btc_dec12h-min

    BTC/USD BitStamp 1-Day chart

    btc_dec12d-min

    Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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