Bitcoin Price Analysis: BTC/USD takes a bounce away from deadly area for now

Bitcoin managed to stabilize late on Wednesday, after the selling pressure that hit in afternoon trading.
Finder’s latest cryptocurrency report, the panel of analysts average prediction is noted at $6778, by Jan. 1 2019.

Ken Chigbo Independent Analyst

The Bitcoin price in the very late part of Wednesday’s session was nursing losses of around 4%. Selling pressure had hit the market during afternoon trading, however buyers were able to heavily defend the critical recent bottom area.

According to the latest finder cryptocurrency monthly report, its panel of crypto experts still see Bitcoin higher by January 1st 2019. The average price prediction is noted at $6778, by January 1st 2019.

Given the further push away from the recent bottom area, eyes will be on a return towards the $4000 mark. Should the bulls manage to gain greater ground here, then it wouldn’t be surprising to see a run toward $4400-500. This area is seen as a neckline for the double bottom pattern observed.

BTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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