04-10 December Technical Bitcoin Prediction - BTCUSD Forecast - KDTV6 CYPTO NEWS

Monday, December 4, 2017

04-10 December Technical Bitcoin Prediction - BTCUSD Forecast

06 November, AtoZForex – Bitcoin price trading above $11,000 and surged by 57.35% in a month with a total volume of $30.57B Here is the 04-10 December Technical Bitcoin Prediction.

Bitcoin was trading at $11,136.79 on Monday and hit a fresh record high of $11,800 on Sunday but dropped to $10,554 due to regulatory crackdown news. Currently, the Bitcoin has a total market cap of nearly $190 Billion. Moreover, the price hike was due to CFTC Bitcoin Futures Approval and the forward buyer sentiment. Will the Bitcoin price rise this week?

04-10 December Technical Bitcoin Prediction

Currently, the primary concern for the Bitcoin is the rise of money laundering, illegal activities, drug selling and tax evasion. The UK and other European Union governments are planning a crackdown on bitcoin amid growing concerns. The government are concerned about the financial instability or economic crisis for the country if the Bitcoin been neglected now and can’t be taken into control.

Moreover, the Treasury plans to regulate bitcoin and other altcoins to bring them in line with anti-money laundering and counter-terrorism financial lawmaking. Traders will be forced to reveal their identities and ending the anonymity.

Now, moving to technicals the Bitcoin might test another correction this week. The chances are high that the Bitcoin may reach $10,000- $10,500 levels.

But according to Fibonacci retracement, the Bitcoin is trading above the golden ratio zone which means a considerable decline or sharp correction might be possible. Investors should wait for the further revision. I see a buying opportunity at $10,000- $10400 (Fibo. retracement 50% & 38%) level in the short term.

The relative strength index(14) value is 83.171 which means Bitcoin is Overbought.  

The Ultimate oscillator also suggests that Bitcoin is in the overbought zone. 

Moreover, according to ATR(14), the BTCUSD pair is highly volatile.

The Bitcoin has significant support near $9290 level and resistance at $11,950 level.

BTCUSD Weekly Pivot Points

NameS3S2S1Pivot PointsR1R2R3

What do you think about the 04-10 December Technical Bitcoin Prediction? Let us know in the comment box below.



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