The Bitcoin (BTC) price began to rise again on December 13 and exceeded $ 19,200 after falling to $ 17,600 on Friday. The significant increase in consumer demand in this region indicates that Bitcoin may have just hit a short-term bottom.

When Bitcoin originally fell to around $ 17,700, analysts in the chain, including Edward Moura and Nick Jarimshuk, saw big bets on Bitfinex and Coinbase.

When the BTC price briefly fell below $ 17,700, it began to recover quickly and returned $ 18,000 within three hours.

Is this Bitcoin’s new record high?
Traditional technical analysis suggests that the logical bottom line for Bitcoin is likely to be set at $ 17,000. This was the highlight of the weekly light in January 2018, and is also an important support area on the lower time frame maps.

Mora pointed out that Bitcoin could seem like a random recovery of $ 17,600 if traders do not look at heat transfer charts.

The order books and heat maps showed that whales made big bids for $ 17,600, which is probably a local bottom. Mora sa:

“Finex whale protection, note that regular maps look pretty ugly, and the price bounces off of nothing if you don’t see heat maps.”
Yaremchuk, a cryptocurrency trader and network analyst, shared the same view when Bitcoin hit $ 17,600. December 11, a trader said:

“In my opinion, BTC reached $ 17.6 thousand, this is the bottom.”

Bitcoin price chart for 4 hours with trend lines. Source: Nick Yaremchuk, TradingView.com
Bitcoin’s rebound from $ 17,600 is very optimistic as it printed a higher minimum formation on the 4-hour chart. This means that the recent retracement low is above the previous low – a trend that is often seen during rallies.

The Bitcoin price also began to rise after exceeding $ 18,800, which the Cointelegraph has identified as a potential area for whales and a high level of resistance.

Next levels to look at
In the short term, there are two main factors to consider. First, as Cointelegraph has reported on several occasions, Bitcoin selling pressure remains relatively high. Secondly, it will be the second highest test since 30 November.

There is an argument that the pressure from the sellers will ease in the near future, as miners and whales sold strongly in the last week. In other words, it was a welcome correction and a confirmed bullish reversal.

The probability of new highs will ever increase if Bitcoin breaks the resistance of $ 19,400 thereafter, with lower selling pressure.

A trader alias Pistlorion said that the lack of sales pressure could lead to a large meeting in the short term and said:

The $ BTC price movement is another matter now. The pressure from the sellers is zero. It seems that the price is going up now, not going up. Just look at these sound bars. IMO there is a big pump waiting. “

Source: CoinTelegraph

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