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Home » Crypto News » Bitcoin Price Analysis Dec.24: Green On The Screen – The Bullish Bitcoin Is Facing $4200

Bitcoin Price Analysis Dec.24: Green On The Screen – The Bullish Bitcoin Is Facing $4200

Author: Yuval Gov

Last Updated Dec 24, 2018 @ 09:59
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Just a quick update, following the previous update from yesterday. After Bitcoin found support on the descending trend-line (marked orange on the 4-hour chart), we had a nice breakout of the $4050 – $4100 range (finally).

As of writing this, Bitcoin is facing the $4200 resistance area. A breakout here and we can expect Bitcoin to reach the $4400 – $4500 zone.

The last is the prior high from the daily chart, along with 50 days moving average line (1-day chart, marked with white).

Looking at the 1-day & 4-hour charts

  • From our previous analysis: “As mentioned yesterday, the correction is so far healthy.” So, following a healthy correction and a short consolidation period, Bitcoin is gaining another positive
  • Following yesterday’s analysis, the daily chart’s RSI level hadn’t crossed the significant 80 level.
    The RSI had broken up a descending trend-line. In case this will turn into a real breakout, it’s a bullish sign for the mid-term.
    However, both the hourly and the 4-hour chart’s RSI are very high and might need some air before gaining some more bullish momentum.
  • From the bull side, resistance lies at $4400 – $4500 (along with the daily chart’s 50-days moving average line – marked in white). The next significant resistance lies around $4650.
  • From the bear side, there is the strong resistance-turned support level at $4050 – $4100, behind lies the $3900 and $3850.
  • The trading volume is still low. However, it will be interesting to see how the daily candle develops.
  • BitFinex’s open short positions had decreased to 33.5K BTC. Remember; when shorts are at their ATH expect a short squeeze. When shorts are at the bottom, expect a long squeeze.

BTC/USD BitStamp 4-Hour chart

btc_dec24_4h-min

BTC/USD BitStamp 1-Day chart

btc_dec24d-min

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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.

Cryptocurrency charts by TradingView.
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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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