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BTCUSD Technical Analysis - Dec 21

Discussion in 'Expert Level' started by Arpit, Dec 22, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    Time for new update on Bitcoin. We have recently seen a good upmove and it seems that the bears are currently scared and bulls are active.

    Looking at the Open Interest and the Market Cap, I still feel there could be some consolidation in the currenct range 3800–4200. Bears to be active under 3600 now and bulls to panic.

    On the other hand, thinking that market low has been made would be not good. Lets not fish the low and see what the charts are saying.

    Seeing the 12H chart of BTCUSD, we can see some formation of Inverse Head and shoulder pattern with neckline at $4400. We can see some correction till 3700–3800 range to form the right shoulder. And we may see $5200 or some in a few days.

    $3000 acted as a great support and hence we can find it hard to be broken as of now. A correction till $2700–3800 is expected before we head higher. We may see some accumulation here.

    The MACD and RSI have also been bullish. We may find some reversal in theie levels. Also, the price is currently inside the Cloud. The 50D EMA(around 4500)would be acting as a resistance after the neckline is broken.

    This is just an Analysis and not a trading advice.

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