Bitcoin Price Forecast December 13, 2017, Technical Analysis

Bitcoin initially fell during the trading session on Tuesday, reaching down to the $16,000 level. The $16,000 level was previously supportive and resistive, so it makes sense that the buyers return. We continue to grind to the upside, as the futures market has shown itself to be relatively tame and continuing to be so. We initially got a search higher on the futures markets, and it was going to be interesting to follow that move, but as you can see we have settled down a bit. The question now remains as to whether Bitcoin can continue the parabolic move that it has over the last year. Eventually, we will continue to be walking a nice adds to the upside, because quite frankly for any of the assets in the past that have risen like this, it was only a matter of time before we gave back at least 50% of the move. At this point, that is roughly $8500. Because of this, keeping stop losses in place is paramount, and those who choose not to use them will get crushed in sudden volatility.

Get Into Bitcoin Trading Today

BTC/USD Video 13.12.17

Currently, looks as if we are trying to reach towards the $20,000 level over the longer term, but in the meantime, I think the initial target will be the $17,500 level. We will continue to pullbacks that could offer buying opportunities, but volume is dropping. Volume dropping is a sign that there is something out there that isn’t quite right, and it should continue to be something that you pay attention to. CNBC has announced that it is “Bitcoin week”, and the past has shown me that CNBC is very good at predicting the top of the market, or at least the beginning of a bubble getting popped. All you must do is pay attention to when they talk about nothing but an asset, and you know that things are about to get ugly. I don’t think Bitcoin goes to zero, but I would be very cautious at this point. A breakdown below $16,000 would have me dumping this asset. The meantime, very small bits, and pieces of Bitcoin on the way up being added on these dips will probably be the best way to deal with this market.

Buy & Sell Bitcoin Instantly