Bitcoin Technical Analisys From 18 To 24 Of December, 2017
Bitcoin price fell sharply and traded below support at 12,000. Currently, BTC/USD is recovering, but it faces a lot of sales pressure.
After the price reached the level of $ 20,000, the bitcoin confronted with the selling pressure against the US dollar. The sharp decline was below support levels of $ 18,000 and $ 15,000. More importantly, there was a gap below two important lines of the bullish trend, with support of about $ 17,800 on the 4-hours chart of BTC/USD. These trend lines opened the possibility for more losses, and the pair fell below $ 12,000. The bottom has formed at $ 10 688 with a small wave of recovery.
The price moved above the recovery level of 23.6% Fib from $ 19,628 to $ 10,688. However, there is a bearish trend line, forming with the current resistance at $ 15,150 on the same chart. Moreover, 50% Fib retracement of the last drop from the high of $ 19,628 to $ 10,688 is also a major obstacle for buyers. While the resistance of the trend line is not damaged, the pair can continue to fight. Only a close above $ 15,500 will lead to a decrease in bearish pressure and may require an increase in profits.
On the other hand, if the price continues downward movement, in the near future there may be more slides up to $ 12 500.
4-hour MACD reduces its bearish slope.
4-hour RSI is below level 50 and tries to move higher.
The main level of support is $ 12 500.
The main resistance level is $15 500.