Bitcoin technical analysis: BTC/USD odds of a rally to $14,000 before December 31


  • Bitcoin confinement in a descending channel spells doom for the bulls as target shifts to $7,000.
  • BTC/USD is still seeking a bottom; a reversal from the bottom could easily climb to $14,000.

Spot rate: $8,743

Relative change: -67

Percentage change: -0.77%

Volatility: Low

Trend: Bearish

BTC/USD daily chart

Bitcoin is lethargic above $8,700 but $9,000 must be broken for bulls to have a clear path of sight leading to $10,000.

The descending channel resistance has been tested numerously. A break above this channel could finally place Bitcoin in trajectory towards $14,000.

BTC/USD 4-hour chart

The RSI suggests that Bitcoin is yet to find a bottom. A drop into the oversold could be a cause for the next reversal above $9,000.

Apart from the trendline support Bitcoin fill seek refuge at $8,500, $8,400 and $8,000.

BTC/USD 1-hour chart

Bitcoin selling pressure continues to hinder BTC reversal below the descending trendline resistance.

The MACD bullish cross signifies increasing bullish influence in the near-term but no rapid movements expected.

BTC/USD

Overview
Today last price 8741.87
Today Daily Change -69.77
Today Daily Change % -0.79
Today daily open 8811.64
 
Trends
Daily SMA20 8898.97
Daily SMA50 8559.36
Daily SMA100 9528.44
Daily SMA200 9197.68
 
Levels
Previous Daily High 8867.69
Previous Daily Low 8558.09
Previous Weekly High 9580.19
Previous Weekly Low 8668.6
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 8749.43
Daily Fibonacci 61.8% 8676.36
Daily Pivot Point S1 8623.92
Daily Pivot Point S2 8436.21
Daily Pivot Point S3 8314.32
Daily Pivot Point R1 8933.52
Daily Pivot Point R2 9055.41
Daily Pivot Point R3 9243.12

 

 

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