Bitcoin
Bitcoin (BTC) Price Technical Analysis: December 8, 2017
Just three days ago in our last technical analysis report for Bitcoin, we mentioned the $12,000 mark as a potential new high for Bitcoin.
As usual, the bulls did not disappoint. Bitcoin not only surpassed the $12,000 mark, it went on to hit a new all-time high of $16, 666.66.
Bitcoin has now closed up on the daily chart the last thirteen of fourteen days, from a low of $7876.00 on November 24th.
Demand for Bitcoin seems to remain unimpeded in spite of the fact that over the past two weeks it has traded in a constant upward trend with no price down-swing to speak of.
Traditional markets would warrant profit -taking after such a sustained upward move.
However, most, if not all traders have come to the realization that the cryptocurrency market lies far outside the realm of “traditional.”
After all, when was the last time any market moved over $5,000 over the course of two days, as Bitcoin has.
Chart #1: Bitcoin Daily
The daily chart above (Chart #1) shows the very aggressive upward move for bitcoin. Today’s bar (December 8th) is showing a retracement near the 23% Fibonacci price retracement level, based on the sustained upward price move that commenced on November 13th.
Price has been fluctuating with all four data points of the daily bar above the 9-day moving average for the last 6-days, indicating continued upside momentum.
Volume continues to be strong.
There is plenty of intraday volatility that traders can take advantage of, even with price consistently so near the all-time high.
The 15-minute chart below shows some price action patterns that make for good long entry points immediately following price dips.
Chart #2: Bitcoin 5-Minute
The hand pointers in the 15-minute chart above point out instances in which price action made a sizable downward price swing (in the instances above, $300 was the smallest downswing), and was followed by and an upbar.
Taking a long position at the open of the next bar resulted in a successful trade in the last six times the pattern showed itself.
The very last instance (furthest to the right of the chart) still remains to be determined if the trade is successful.
The last price dip shown is the retrace from the high to the 23% Fibonacci price retracement level shown by the light red shaded area).
This pattern seems to be fairly consistent as an intraday long entry signal.
A protective stop should be placed no lower than the low of the downward price swing.
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Image courtesy of coinmarketcap.com
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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