CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$26,539.00
  • ethereum
    ETH$1,583.08
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » Bitcoin Price Analysis Dec.17: Nice $200 Breakout. Could This Start a Reversal?

    Bitcoin Price Analysis Dec.17: Nice $200 Breakout. Could This Start a Reversal?

    Author: Yuval Gov

    Last Updated Dec 17, 2018 @ 13:28

    Over the past two days since our previous Bitcoin price analysis, the coin had been trading around the $3200 mark.

    However, the falling wedge we’ve talked about has just now shown signs of a nice breakout: and, good news, to the upper side. An impressive green candle from the past hour, as of writing the analysis, spikes Bitcoin over the $3400 resistance mark.

    Could this turn into a further bullish correction? I would definitely consider this option. It depends on the volume of the buyers: So far today, the volume is relatively low.

    An interesting thing to see is the Bitfinex short positions’ chart. Every time the shorts number is passing the 40K mark, the bulls would seek to trigger a short squeeze. As of ,now, the short squeeze erased only 2% of the open positions. Imagine what would happen if 10% of the shorts will get liquidated at one moment.

    To summarize, this could start a deeper positive correction, but it’s too early to declare on an end to the way too long bear market.

    Looking at the 1-day & 1-hour charts

    • From the bullish side, the $3450 – $3500 seems to be a strong resistance for Bitcoin: Resistance level along with a descending trend-line on the daily chart. If breaks up, the next resistance lies around $3700 (the prior high on the daily chart).
    • From the bear side, after getting supported by the 100 days moving average line (~$3200, the white line on the hourly chart); Bitcoin passed $3300 (along with the 200 days moving average) and $3400. The two above levels could be tested as support in the coming up hours. Below lies the $3200 mark, and the annual low at $3120.
    • Looking at the daily chart’s RSI: After breaking down the ascending trend-line three days ago, the RSI had been correcting up to re-test and break up the trend line again, breaking up also the 30 RSI level. That level was tested for three times over the last ten days. The RSI is now facing the long-term’s resistance trend line (~35). A break-up could signal of a continues bullish correction. In my opinion, the above mission won’t be so easy.
    • Stochastic RSI oscillator of the daily chart is at its low (at the oversold area), and just crossed over a few hours ago. This could also signal of a coming up deeper correction to the upper side.
    • The daily trading volume is still low. For a deeper positive correction, the daily volume candle needs to become much more significant.
    • BitFinex’s open short positions had decreased to 39K BTC open positions.

    BTC/USD BitStamp 1-Hour chart

    btc_dec17_1h-min

    BTC/USD BitStamp 1-Day chart

    btc_dec17d-min

    Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


    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.

    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    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

  • bitcoin
    BTC$26,539.00
  • ethereum
    ETH$1,583.08
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    Deep Dive into Ethereum: What Changed A Year Post-Merge?

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    The Reports of Friend.tech Death Have Been Greatly Exaggerated (Opinion)

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    Exploring PayPal’s Foray into Cryptocurrency: A Game-Changer in Digital Finance

    DeFi Without Native Rights Is Dead

    DeFi Without Native Rights Is Dead

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    How Does the Shiba Inu (SHIB) Burn Work: Everything You Need to Know

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    Crypto Will Go Away If There’s No Privacy: Interview With Anoma and Namada’s Adrian Brink

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    What Is Shibarium? Everything You Need to Know About Shiba Inu’s Blockchain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    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. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!