Bitcoin Price Technical Analysis

The 1 December Bitcoin Price Technical Analysis shows the repeated fall of Bitcoin as it consolidates below 10k. 

1 December, Swissquote - It is another bad day for the cryptocurrency, as Bitcoin fell from grace and now Consolidating below 10k. This time around, the decline in Bitcoin has left investors back selling over fears of more significant drops that has left appetite for Bitcoin on softer side through the early part of the day

For now, we will continue to expect the declines with the debate likely to go on long into the night on whether the rally has come to an end. The current price correction is absolutely not of the magnitude of a bursting bubble and, as we have seen on earlier occasions, a bounce back in Bitcoin will possibly return the favor to the cryptocurrencies.

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1 December Bitcoin Price Technical Analysis

• Bitcoin is now consolidating around 10k. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 5605 (13/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short term, the digital currency should continue rising above 10k.

• In the long-term, the digital currency has had an exponential growth. There are decent likelihood that the asset will reach $40'000 in 2018.


This article ‘ 1 December Bitcoin Price Technical Analysis ‘ was written by Yann Quelenn, Market Analyst at Swissquote.

While every effort has been made to ensure that the data quoted and used for the research behind this document is reliable, there is no guarantee that it is correct, and Swissquote Bank and its subsidiaries can accept no liability whatsoever in respect of any errors or omissions, or regarding the accuracy, completeness or reliability of the information contained herein.

This document does not constitute a recommendation to sell and/or buy any financial products and is not to be considered as a solicitation and/or an offer to enter into any transaction. This document is a piece of economic research and is not intended to constitute investment advice, nor to solicit dealing in securities or in any other kind of investments.

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