Bitcoin Price Analysis December 15, 2017, Technical Analysis
Bitcoin continues to be very noisy during the trading session as we simply cannot seem to gain traction. The $16,000 level seems to be offering support, and I think that given enough time we will eventually find the buyers to send this market higher, but it obviously is a bit of a struggle. I think that the futures markets coming online was a bit of a letdown, because a lot of the retail traders that I have been speaking to thought that it was going to boost price much higher. The reality is that as futures markets go, the volume was rather soft, which means it may become a bit of a nonfactor by the time it is all said and done.
Get Into Bitcoin Trading Today
Short-term pullbacks I think are probably the best way to look for a bit of value, but I think we also are overdue for some type of correction, perhaps near the $15,000 level. That’s an area that I think could attract a lot of attention based upon a large, round, psychological presence, but even if we broke down there I think it’s only a matter of time before the buyers get involved again, perhaps near the $14,000 level. The market has been on a tear to the upside for some time, so a little bit of consolidation probably goes a long way. Longer-term, I anticipate that many out there are trying to push this market to the $20,000 handle, but that’s obviously a long-term target. Just a few weeks ago, it looked as if we would get there almost immediately. However, that seems to be slowing down significantly, so it’s likely that we will start to see more stable action in the market, and as a result the astronomical returns are probably in the rearview mirror, or at the very least will settle down a bit. If we did start to race to the upside, I suspect that it is only a matter of time before we would sell off just as drastically. We now have institutional investors involved, and they are much quicker to take profits.
BTC/USD Video 15.12.17
This article was originally posted on FX Empire
