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#Bitcoin Price Analysis

Is Bitcoin ready for the Santa Rally: Off to $4400.

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After trading in the red for a larger portion of the last 34 days, Bitcoin's value is seeing a small surge and the coin's price exceeded $3,500

The constant losses Bitcoin has been experiencing in the past month were sharply interrupted yesterday, December 17th.  After trading in the red for a larger portion of the last 34 days, Bitcoin’s value is seeing a small surge, and the coin’s price exceeded $3,500 yesterday and is currently trading at $3469 according to CoinGecko. Many are now wondering whether this is a start of a recovery, or simply Bitcoin’s last attempt to resist the bears.


 

Is the shift in the market real?

BTC is also not the only one, as nearly all coins within the top 100 are currently trading in the green, some of which are experiencing massive 22% gains, such as EOS. XRP, the second largest coin by market cap, is currently experiencing a 13% surge, while Ethereum’s growth remains at 7%.

The new surge, appropriately named the “Santa rally”, has impacted the entire market, and the total crypto market cap has just exceeded $112 billion. Even Bitcoin’s own market cap climbed back up to over $61 billion at the time of writing. The price bounce is expected to fuel investors’ hopes that the worst might be over, despite the fact that recent predictions said that BTC might drop to around $2,800 before the real surge arrives.

There are also those who believe that the current price surge is nothing more than an attempt at market manipulation, potentially coming from the Wall Street itself. While this is all speculation at this point, the reason for the rally remains unclear, which is why it is not surprising that many remain untrustworthy towards such a sudden change.




Right now, Bitcoin is around 83% below its all-time high, while the total crypto market cap lost around $700 billion in the last 12 months.

Following the start of the surge, Bitcoin trading volume also picked up and has risen by around $2 billion within the last 24 hours, currently being just above $6 billion. Considering the fact that investors and traders around the world took this opportunity to return to the market, many are hoping that the shift will be a long-term one.

If true, it will match the expectations of numerous experts who have been predicting a bull run in the final weeks of 2018. However, as mentioned earlier, the majority of analysts did not expect a real bull run before 2019, at best. To many in the crypto community, this is just further proof that the crypto nature remains extremely unpredictable, which is why nothing can ever be said with certainty.

#Bitcoin Price Analysis

Bitcoin Price to $4500 soon? BTC Price Analysis

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Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance at $4200.

Technical Indicators:

Support Level: $3900

Resistance Levels: $4100, $4200

 

Bitcoin Price Analysis:

On the hourly chart, bitcoin price has been quite bullish since last week when it reached a high point of $4160. However, bitcoin was not able to break through the resistance around this range. Again bitcoin started a bullish momentum on 18th March and reached up to $4120 before but started to correct downwards later. It went below $4000 support level.

Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance that is formed between $4100 and $4200. If the current resistance is broken, there are chances that bitcoin could spike up to $4500 in the short term. The current momentum surely signals a ‘buy’ time. However, if bitcoin is not able to break through this resistance for long, it could result in BTC price falling back below $4000 and even $3900 range and turn bearish.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Last week, bitcoin tested the $4200 resistance but failed to break through. The sellers pushed the price down to $3832. Later, buyers were able to start a fresh bullish momentum and moved the price above the 12-day exponential moving average which was turned into support. Bitcoin moved above $4000 and the buyers are currently moving ahead to fight the sellers at $4200 resistance level.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: BTC at a crucial point

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Bitcoin price is currently situated well above $3940 support. BTC could very soon fall downwards if it is unable to break above $4000 resistance level.

Technical Indicators:

Support Level: $3940

Resistance Level: $4000

Key Points:

  • Bitcoin price is struggling to break the $4000 resistance.
  • BTC recently fell downwards and tested the $3940 support and 100 hourly SMA again.
  • A bearish pattern line is formed at with resistance around $3980 on the hourly chart.
  • It is very essential for Bitcoin price to reach above $4000 in order to stop the price from falling.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is currently situated well above $3940 support, however, BTC could very soon fall downwards if it is unable to break above $4000 resistance level.

Bitcoin started to correct downwards yesterday after rising up to $4040. The downward momentum was able to break $4000 support level and the price further fell down to test $3940 support.

However, the selling pressure was not enough to break this support and hence bitcoin is currently placed well above this range. Also, there is a bearish pattern line formed with resistance around $3980 on the hourly chart. Hence, it is very essential for bitcoin price to break through the $4000 resistance level in order to avoid a sudden bearish momentum. If BTC is unable to break through, it might crash down and break through the current support.

BTCUSD Price Chart

BTCUSD Price Chart

The chart shows that the bitcoin price will most likely cross over the $4000 resistance level or crash down below the current support around $3940 very soon. Buyers need to gain pace in order to avoid losses.

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#Bitcoin Price Analysis

Bitcoin Price Analysis: Is BTC ready for the next bull run?

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Bitcoin price is currently correcting downwards below $4000 range. However, BTC will likely move upwards as it remains well supported above $3740.

Technical Indicators:

Support Level: $3940

Resistance Levels: $4000, $4040

 

Key Points:

  • Bitcoin price traded in a positive momentum last weak reaching up to $4040.
  • BTC corrected downwards later breaking $4000 support to test the $3940 support level.
  • Bitcoin price was able to break through a bearish pattern line that was formed with resistance at $3970.
  • BTC is currently correcting downwards, however, the support around $3940 is strong enough to stop losses.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is currently correcting downwards below $4000 range. However, BTC will likely move upwards as it remains well supported above $3940.

Bitcoin price traded positively last week and moved above $4000. BTC was able to break the $4020 resistance level and tested the $4040 resistance before correcting downward. Bitcoin moved below $4000 while correcting downwards and even broke the $3980 support level.

The next support at $3940 proved strong enough to stop further losses and keep the price above the 100 hourly SMA. The price then moved over $3960 resistance and was also able to break through a bearish pattern line that was formed with resistance at $3970. BTC even moved over $4000 again but the buyers were not able to compete with the selling pressure and hence it moved below $4000 again.

Bitcoin price is currently correcting downwards, however, it remains well supported above $3940 support level. Also, the next support around $3920 and 100 hourly SMA is also strong. The current resistance lies at $4000 followed by $4040.

BTCUSD Price Chart

BTCUSD Price Chart

The chart shows that bitcoin price is currently trading downwards, however, it is strongly supported at $3940 and $3920. If BTC falls below $3920 support, the overall momentum might turn bearish. However, bitcoin will likely test the $4000 resistance soon where a lot of sellers are placed.

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