Bitcoin Analysis December 7, 2017




BTC/USD

Bitcoin rallied again during the trading session on Wednesday, as we have broken as high as $12,800. We are starting the next impulsive move higher, so it looks likely that the 20 SMA on the hourly chart will continue to offer dynamic support, meaning that as a record this, there should be significant support at the $12,200 level, and most certainly at the $12,000 level underneath, which has psychological importance. Remember, after yesterday’s ascending triangle, it looks as if we are going to aim towards the $13,000 level.

 

BTC/JPY

Bitcoin rallied significantly against the Japanese yen as well, as we are heading towards the ¥1.5 million level. I think that pullbacks are going to be value propositions, and I believe there’s a bit of a floor in the market at the ¥1.325 million level. Because of this, buying the dips continues to be the way forward as Bitcoin rallies.

 

Thank you for watching, I’ll be back tomorrow.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

SUBSCRIBE TO OUR NEWSLETTER