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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Analysis December 22, 2017

newsbtc
newsbtc
1 year ago
1 min read
btcusd

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BTC/USD

After a major hack in South Korea, Bitcoin has taken a bit of a tumble, but more pressing is the holiday season coming up. I believe that most of the selling pressure that we are starting to see is due to retail traders cashing out the gains to buy Christmas presents. The $16,000 level below has been supportive, and that support extends down to the $15,500 level. However, if we break below $16,000 again, we would trigger a descending triangle that could measure a move all the way down to the $13,500 level. There is most certainly a downside bias in the market.

 

BTC/JPY

Bitcoin has also tumbled against the Japanese yen, with the clear support level near the ¥1.85 million level. A breakdown below there could send this market much lower, perhaps as low as ¥1.5 million over the longer term. That being said, a bounce from that same area could create a buying opportunity.

Thanks for watching, I’ll be back next time

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Comments 2

  1. Roeks Griessel says:
    8 years ago

    All I want for Christmas is BTC, why cash out and buy me pressy that I might not like, just send me BTC.

    Reply
  2. matt says:
    8 years ago

    12/21 – 11pm est

    btc sitting around 13500-13700 but dipped all the way down to 13050 – way to call it

    Reply

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Comments 2

  1. Roeks Griessel says:
    8 years ago

    All I want for Christmas is BTC, why cash out and buy me pressy that I might not like, just send me BTC.

    Reply
  2. matt says:
    8 years ago

    12/21 – 11pm est

    btc sitting around 13500-13700 but dipped all the way down to 13050 – way to call it

    Reply

Leave a Reply Cancel reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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