Crypto Screener Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Technical Analysis – December 2017

This topic contains 14 replies, has 2 voices, and was last updated by margincall margincall 1 year, 5 months ago.

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  • #1004
    admin
    admin
    Moderator

    This is the thread for analysis on the Bitcoin markets for the month of December 2017.

Viewing 14 replies - 1 through 14 (of 14 total)
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  • #1170
    margincall
    margincall
    Keymaster

    Longer term view of the Bitcoin market vs the US Dollar.

    BTCUSD market forecast 29 December 2017
    We can see the classic H&S (Head and Shoulders) candlestick pattern on the 1Day. If we close below 13k before the 1st of Jan 2018 it will be one of the first big bearish signals on the market in a while.

    My second longer term bear signal is that of the PPO which has once again turned negative and joining the previous down trend line on the PPO.

    Momentum is clearly against the bulls at this point but there is quite a good fight being put up between 12k and 13k, which gives me hope for some nice sideways price action going into the new year.

    The bulls will have to push it past 16 100 to get my attention, and on the flip side watch out for 12k – 13k, should they fail there will be more blood on the Bitcoin streets.

    Very long term we are still increadably bullish on the BTC market. In my personal opinion this is a very healthy correction and should we stay above 12k it is business as usual in BTC land!

    #1163
    admin
    admin
    Moderator

    Quick update on the BTCUSD market.

     
    btcusd forecast
     

    We can see that the price failed to break above the 200 sma on the 1hr, price action followed and we broke out of the channel to the downside at 15k and found short term support at 14k.

    14k is critical support and will indicate our next move.

    Should price consolidate above 14k I expect that the market will respond with confidence and I would go long above 14k.

    Should the support at 14k fail ($13 7000 Bitstamp) I will look to enter another short with a target of 13k -12k.

    If we face a drop below 14k I expect the bulls might be lurking around 12k – 13k to catch the knife.

    #1156
    margincall
    margincall
    Keymaster

    Taking a look at BTCvsUSD on the Bitstamp market.

    BTCUSD forecast
    On the short term we can see that Bitcoin is busy with a nice little bullrun, I am placing some buy orders (long) between 16100 and 15800 for a day trading setup.

    On the longer term setup support is between 12k – 14k and should 15600 fail there is a good chance that we will join the lower part of the channel again as the market corrects.

    btcusd 1hr chart forecast
    Should the bulls continue to push I expect we will test the top of the channel at around 18800.

    Please feel free to discuss this trade idea with us in Slack. Safe trades!

    #1128
    admin
    admin
    Moderator

    Quick update on the BTCUSD markets going into the weekend.

    We can see that 12k did come into play as a major support and prices swiftly recovered to above 13K, still quite bearish on the short term though.

    btcusd forecast 23 december 2017
    Support is at $12k to $13k and resistance is between $15k and $16.

    There is a quite a lot of play for the high risk traders inbetween these zones with high leverage longs and shorts getting rekt at the moment.

    Best case scenario is a sideways movement in this channel which would be great for the altcoins. Should we drop below 12k I will look towards the altcoins before recommending fiat as a hedge.

    Overall I feel the crypto markets are still very bullish, Bitcoin included!

    Please feel free to discuss this trade report with me in Slack, safe trades!

    #1102
    margincall
    margincall
    Keymaster

    The price of Bitcoin slumped quite a lot yesterday and we find the market testing the 200 sma line (1hr candle) which is my indicator for the medium term trend.

    With over 250k unconfirmed transactions, again, today will be a tough one for Bitcoin as more miners switch over to mine BCH.

    BTCUSD forecast 20 December 2017
    We are hitting critical support at this point as 15800 is the level that I am looking at to break that will signal a decent to 12 000.

    At first glance it seems that most alts with the exception of BCH is dropping with Bitcoin which could indicate profits being taken in Fiat, but also natural as most crypto gets traded against Bitcoin.

    Short term support: 15 000 – 15 800 (if its going to bounce it will be here)

    Medium term support: 12 000

    My current view on the market is quite bearish, but still bullish long term until 12k breaks.

    Get a birds eye view of most major Crypto markets on our MARKETS LIVE page.

    Feel free to discuss my market analysis with us in Slack.

    #1099
    margincall
    margincall
    Keymaster

    BTCUSD update, the market is still looking very much the same.

     
    btcusd forecast 19 December 2017
     

    I am expecting some sideways movement between 17k and 20k usd. (Bitstamp prices)

    Resistance is at 20k usd, we will wait for prices to go above 20k again to signal the return of the bulls.

    Long term support level is at 12k usd. Should this level break (seems unlikely at this point) I would advise caution with all the crypto markets.

    #1086
    margincall
    margincall
    Keymaster

    Bitcoin continued to push to 20k usd this week while most altcoins also recorded nice gains alongside it.

    We are still bullish medium to long term speaking, but increased selling volume could give us a short term correction on the btc market.

    Look for the breakout above 19300 – 19400 (Bitstamp). Remember that if there is not a lot of trading volume it could very easily be a fakeout!

     
    btcusd forecast 17 December 2017
     

    Should the push fail I will wait to see if 17k – 18k come in as support, should this level fail we will most likely test the lower trend lines.

    At this point 15k looks like very solid support and there is a very good chance that the volume from the futures trading keep prices well above 15k.

    With all that if we face a selloff and prices go below 15k there is a very good chance that most Altcoins will bleed alongside btc.

    For now the markets are bullish and the crypto world looking very green indeed!

    #1068
    margincall
    margincall
    Keymaster

    Bitcoin has been very volatile over the last two weeks, I think this is mostly due to a lot of contradicting fundamentals around Bitcoin and its future, the CME has apparently said that they will cap trader of Bitcoin futures at 20% a day. For this reason I would say Crypto is going to do a bit of a moonshot, as the biggest gains are still found with small market altcoins.

    With all that said I just trade technical and will ignore all the news etc. 😛

    btcusd forecast 12 December 2017
    Taking a look at the chart we can see what looks like a textbook double top forming, double tops do fail and it has happened a lot the last few months. However the RSI is in agreement (short term) so I expect that the bottom channel (purple line) should get tested again.

    Please not I am a old bear and always looking to the other side of the market. Medium to longer term BTC is still extremely bullish, longer term bottom trend is indicated by the green line.

    What to do now? I am waiting to see what the price action does between 17k and 15k, with 14k – 14k being short term support. (In my opinion)

    Should prices consolidate below 14k I would consider a short down to the 12500 – 11000 levels. (High Risk – Long/Medium Term Bullish)

    Feel free to ask me about my market analysis in our Slack. Safe trades!

    #1059
    margincall
    margincall
    Keymaster

    Bitcoin broke trough 12k and pushed over 16k for a new ATH, seems to be a weekly thing now with Bitcoin.

    btcusd forecast 12 December 2017

    Market is still very bullish, but we can see some good selling volume between 15k and 16k.

    I might consider a short to the 12k levels should we consolidate below 15k.

    Support is at 12k. (I am using Bitstamp prices)

    #1044
    margincall
    margincall
    Keymaster

    Short term report for BTC on wed 6 December 2017.

    Bitcoin has yet again made another ATH, whether it is legitimate price action or just “painting the tape” the fact remains that the market is bullish and it is pushing to new highs.

    When the market is so bullish it is best to stay long and wait for the trend to break, with that said I will wait for prices to consolidate above 12k before considering buying more at these levels.

    btcusd forecast 6 december 2017

     

    How to catch the reveral? Look towards 11500 as the first support level and then 10k still the big psychological support. I don’t expect much selling of until we test 9k – 10k levels.

    Until then ride the bull, safe trades.

    Feel free to discuss any of my trade ideas with us in Slack.

    #1039
    margincall
    margincall
    Keymaster

    Taking a look at the 1Day chart setup to get a birds eye view of the Bitcoin market action.

    We can see the incredible bull run that BTC had with the purple line indicating the previous top channel. This market is incredibly bullish and keeps on making new ATH’s, for now.

    btcusd forecast
    As you can see the new top channel indicates that 12000 is a possibility should the bulls push us above 11800.

    The RSI is indicating clearly overbought conditions and it is the 3rd time since October that we find ourselves above 70 on the RSI. (1day candles)

    My opinion at this point: We might hit a new ATH in the next day or two, as well as the strong possibility of a selloff with the difficulty adjustment coming up.

    Support levels still valid from my previous posts. Safe trades

    #1027
    margincall
    margincall
    Keymaster

    Just a quick update on the Bitcoin market, the phrase “nothing to see here” comes to mind.

    btcusd forecast

    We can see that resistance is still pretty solid from 11600 to 11800 and first line of support in my opinion comes in at 10750. Should 10750 break to the downside I expect things to get quite volatile again.

    Safe trades

    #1019
    margincall
    margincall
    Keymaster

    Bitcoin pushed above 11600 like I we thought, but instead of consolidating we have throwback pushing prices back down below 11k leaving longs rekt.

    btcusd forecast

    Bear in mind we are still in a bull market and this could just be another minor correction.
    Advice from earlier still valid.

    #1005
    admin
    admin
    Moderator

    Technical analysis on the Bitcoin market has been giving contradicting signals for me lately, not surprising, seeing that the News and FUD at this point is also contradicting.

    Even though I trade technically, I would like to give my opinion about the fundamentals at this point.

    Bull News
    There is quite a lot of bullish news, such as exchanges exploding with new users signing up and struggling to cope with the increase.
    Adding fuel to this is the announcement that the CME (18 DEC) and soon after NASDAQ, will be adding Bitcoin futures trading.
    This can be both a blessing and a curse when it happens, but as it stands right now I don’t see many commercials selling off until our next “dooms day”.

    Bear News
    We have the DragonSlayer FUD predicting that BCH=BTC soon. I have no idea what to make of this to be honest, however the BCH charts have been looking very good vs btc, since $311 and now trading above $1000.
    The bearish news that kind of concerns me is every world bank and big hedgefund branding their own fud against Bitcoin, and it is important to note that in the same breath they are pro crypto.

    With all that said rarely do I make short term trading decisions based on fundamentals alone, and in general I am a purely technical trader, which means I pretty much ignore everything I stated above and just pay attention to the markets, with that said, lets take a look.

    btcusd forecast

    The market has been very volatile since GDAX and Coinbase went down for a while on the 29th, where after the market recovered in volatile fashion and prices are again aiming to the 11500 mark.

    At this point I think the market can go either way and I am planning to go long should we break above 11500 – 11600 and consolidate.

    On the flip side I am looking to short again at similar levels that I posted recently. I would look for support to fail at 10400 – 10000, with 10k being a major psychological support at this point in time.
    Below 10k we can look towards 9800 – 9600 first target with 9000 the second. Should 9000 fail I will look towards lower levels and ride out the trade with a stop loss.

    The ichimoku cloud is painting a nice bull flag so please consider any shorts in these conditions HIGH RISK.
    These reports are intended for educational purposes, please do your own research before trading crypto. Safe trades!

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