June 18, 2024

BTC / USD Price Analysis - December 13, 2017

Market Comment:


As prices stabilized around $17,000-16,000, after the volatility thatthe last 24 hours were observed, and exchange spreadsnarrowing again, the market seems ready to go even higher in the not too distant future. Undoubtedly, this is not very good purely technically, we should be able to hedge if there are sharp recessions. With this in mind, as the market accelerates upward during this parabolic phase, the number of favorable risk / reward settings continues to decline, so we believe that the size of orders should continue to decrease as we move up. On the whole, they are still very enthusiastic about both technical and fundamental factors at the end of the year, not to mention seasonality, although this all seems like a big bubble, not a trade, so you need to be more selective in setting positions.


4th chart:


Today, considering the 4th chart, we see thatYesterday's drop below $ 16,000 after a failed breakout looks pretty insignificant this morning, despite re-rising to 17,000. Now the new SCMR signals show that growth can continue after recovery, which created a new dynamic support of about 16,000, the still bullish EMA was tested and held on yesterday's weak market, the longer-term SMAs continue to go up, and the Ichimoku cloud remains bullish. Of course, there still remains an adjustment of the Fibonacci resistance, especially in the region of 17,500, but in the near future there is a rather weak resistance to the area of ​​17,300, where the price is expected to be if the level of $ 17,270 is passed.

Regarding dynamics and volume, Willy and Stochasticare still in the overbought zone after a good reload last weekend, and the MACD is approaching its zero line, however, the RSI has room to move up, and the PPO does not yet show strong sales signals. In addition, volume indicators remain generally encouraging, although the A / D line has slowed down a bit and exchange volumes continue to slow (at the moment). While the market could use reloads to really accelerate this rally, given the recent price movement, we think that the bulls still have the strength to raise the price to a new level.

Daily schedule:


We will return to the daily chart for the medium termforecast, and see that yesterday's pullback looks subtle, and in fact has actually created this current candlestick formation to become more bullish today. Note that SCMR is signaling higher while new dynamic support is starting to build around 16,000, in addition to several support levels below, all moving averages are still stacked higher in support of the uptrend and the Ichimoku cloud remains bullish. While the price will continue to face resistance on the way up due to Fibonacci extension areas, we believe there are still too many bullish indicators on the chart for the direction to turn bearish. All of these areas will temporarily slow down buying, which is actually good for the market.

Moving on to medium-term dynamics and volume,it is not surprising that all oscillators returned to officially overbought territory, given how strong the price movement has been recently, but we are still skeptical that this is a sign of MACD fatigue (implying that it is indeed a sign of strength). In addition, the A / D line continues to confirm that all the dips are being bought up, telling us that the market is positive. Although we expect prices to adjust during this week, we also expect pauses and fluctuations around key Fibonacci levels, rather than a sharp rise to 20,000.

Market Review:

As market participants begin to get used toWith the idea of ​​futures trading alongside spots and awaiting another trading addition from the CME on Sunday night/Monday, the market appears to be rationally digesting what is being thrown at it and we find this very encouraging. This tells us that Bitcoin is ready for the next stage of its financial evolution, and even some may be surprised at how well and consistently it is performing. It is worth saying that we are entering the second half of the week observing a fairly balanced picture of growth. However, given how well the market has performed over the past few days, we think price cuts and corrections are possible for further recharging.