Bitcoin Price Forecast December 14, 2017, Technical Analysis

Bitcoin has been very choppy, but at this point it looks as if the $16,000 level underneath continues to be support. That is an area that has shown itself to be supportive in the past, and as it approaches the $16,000 level, it looks likely that the market could rally from here and go towards the $17,200 level, that’s an area that is a resistance barrier that being broken to the upside should be a very bullish sign and perhaps send more money flooding into the Bitcoin space. Currently, I think that a lot of the markets are trying to reach towards the $20,000 handle, and as I look at BITSTAMP, I see no reason to think we won’t go towards that area. This continues to be a “buy on the pullbacks” situation, and I think that it’s only a matter of time before the buyers return. With this, it’s difficult to short this market, least not until we break down below the $12,800 level underneath, something that doesn’t look very likely to happen anytime soon. I believe that over the longer term, the market will continue to be volatile as we have seen in the past, but the $20,000 level seems to be far too enticing for buyers to ignore. Whether we can break above there is an entirely different situation, but in the meantime, I think that is the goal of Bitcoin traders.

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One thing that I have found interesting is that the futures market coming into the fray has seemed to calm down the Bitcoin spot market, something that most traders did not expect. I think now that the larger bankers are starting to get involved, Bitcoin may start acting more like a normal market. That being said, we are still in an uptrend, albeit parabolic late. Because of this, small position sizes along the way being added to probably makes the most sense, but if we can break down below the $13,000 area, we could see an acceleration to the downside as we have not had a significant pullback in what seems like ages. Volatility could return, but I think it won’t be as bad as it once was.

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BTC/USD Video 14.12.17