BTC/USD Forecast December 18, 2017, Technical Analysis

Bitcoin has rallied a bit during the trading session on Friday, reaching as high as $18,000 before pulling back. By doing so, looks likely that we will find buyers underneath at the 20 SMA on the hourly chart, as it looks likely to continue to be somewhat supportive. I think that the market should eventually go looking towards the $20,000 level above, as it is such a large target to reach towards. I think that the $16,000 level offers the “floor” in the market currently, and that overall it’s likely to see plenty of buying opportunities on these pullbacks. In fact, I think that we are starting to see a bit of a mania come into the retail space, as the market continues to march higher.

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I believe if we did breakdown below the $16,000 level, that would be a very negative sign, but it does look very likely to happen. I believe that short-term buying the dips continues to be the best way going forward, and that based upon the larger ascending triangle being broken, I think we will then go towards the $21,000 level next. There is almost no situation where I think this market breaks down, especially the US dollar starts to get sold off against other risky assets, such as the EUR/USD pair, or the GBP/USD pair. In general, looks as if the US dollar is going to struggle, and that should have its effect in this currency pair.

If we were to break down below the $16,000 level, I think it would only be a matter of time before we reached towards the $12,800 level underneath which was so important in the past. However, that seems to be the least likely of scenarios, and would more than likely need some type of catalyst to cause that to happen. Either way, keep your stop losses on, because even though the market has rallied significantly after every serious selloff, we don’t know where the selloffs could end.

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BTC/USD Video 18.12.17