Bitcoin Price Technical Analysis for 12/07/2017 – Waiting for a Small Pullback

Bitcoin Price Key Highlights

  • Bitcoin price has once again jumped to record highs at $14,000 and may be undergoing profit-taking.
  • Applying the Fib tool on the latest swing low and high shows that the 38.2% level lines up with a rising trend line.
  • A larger pullback could last until the 61.8% Fib near a former resistance area.

Bitcoin price could be due for a quick pullback from its latest rally, offering more bulls a chance to join in.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA on the 1-hour time frame so the path of least resistance is to the upside. This means that the rally is more likely to continue than to reverse. Also, the gap between the moving averages is widening to reflect stronger bullish momentum.

However, stochastic is starting to turn down from the overbought region once more, signaling that sellers are getting ready to take over price action. Similarly, RSI is on the move down to signal a pickup in bearish pressure that could keep the correction going.

Buyers could return once the oscillators hit oversold levels and turn back up. The 100 SMA might also hold as near-term support in a larger pullback, as this coincides with a broken resistance around $11500.

Market Factors

Institutional investor interest leading up to the launch of CBOE bitcoin futures by December 10 is building up and ramping up demand for the cryptocurrency. This comes ahead of the CME launch on December 18 and the Nasdaq’s own by early 2018.

Rising volumes and increased activity is to be expected as this would make bitcoin more accessible to retail trading. However, it could also lead to increased volatility. Three derivative products that would enable traders to short bitcoin are also rumored to be out before the end of the year.

Meanwhile, the dollar is waiting on tax reform progress and the NFP report. Weak results could undermine 2018 rate hike hopes while strong data could spur the dollar higher.

  • Chinni

    Please donate bitcoin for Needy people who are suffering from poverty

    Matthew 19:21
    said to him, “If you would be perfect, go, sell what you possess and
    give to the poor, and you will have treasure in heaven; and come, follow

    Address – 1MTWt3iPhb4bxipD5ySzKK44fSfedTaYf3

    • Maria

      nice try Chinni, nice try

    • Sell your computer and turn off your internet access. We call that sacrificing and doing everything you can to get where you want to be. That should feed you for quite some time. Or keep starving and use the proceeds from your sales to start a small business and work like you’ve never worked before. So “…sell what you possess…”

      • Chinni

        One day you will definitely require help and then you look out for someone to help out!

        • I help a LOT of individuals. I just don’t help those who goes into a cryptocurrency thread as an ANONYMOUS person begging for handouts when you have internet access, a mobile phone and/or a laptop/desktop. If you truly WANT something then show your DESIRE. SACRIFICE those material goods you are asking me to SACRIFICE. You’re still here which means you don’t need help OR you aren’t willing to sell your material goods to get where you want to be. And I surely won’t be here on the internet begging for coins if I ever needed help. I have in the past and my DESIRE surpassed yours by a HUGE amount. I did the WORK to come back up. … whomever you are and wherever you are, “Chinni”. Now GO GET IT if you WANT IT!

          • Chinni

            That’s really nice in case if you help others Sloan. I appreciate you for helping others…

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