Bitcoin price might need a healthy correction before attempting to a new record high. Here is the 19-24 December Bitcoin Technical Prediction.
19 December, AtoZForex – The Bitcoin price hiked by $ 1,237.95 (7.38%) with a total volume of over $16.50 Billion in the last 1 Week. Today, the BTCUSD is trading at $17,990.60 at the daily high and low of $19,026.21 and $17,651.85 respectively. Bitcoin price is still in correction mode and failing to make a new record high after bouncing back to the new support trend line. Will the Bitcoin price touch the new round number $20,000 level by the end of this week?
Additionally, the chief economist for Dutch banking giant ING believes bitcoin will likely act as a niche financial product and said:
“In the long term, bitcoin has little to offer to a wider audience, and will likely return to being a niche product for a select group of enthusiasts.”
19-24 December Bitcoin Technical Prediction
According to technical charts, the buying momentum remains weak, and a healthy correction might need to gain new buyers. The 100 SMA is above the longer-term 200 SMA, confirming that the path of least resistance is in the upside direction.
Moreover, according to Fibonacci retracement, the Bitcoin price is trading above the 78% Fibo. Retracement level and a chance of small correction are possible in coming days. Investors should wait for the further revision.
I see a buying opportunity between 68% Fibo. retracement level $17,050- 16,000 level in the short term. Also, the further decline will break the Bitcoin price to below $15,000 level if the price won’t be able to sustain the $17,000 level. I am highly bullish on Bitcoin price, and the prices might touch another “round number” level $20,000 by the end of this week.
The relative strength index(14) value is 83.659 which means Bitcoin is Overbought.
The CCI(14) valued at 212.72 which also signals Bitcoin get Overbought.
The MACD(12,26) value is 3373.600 – buying signal in weekly charts.
Moreover, according to ATR(14), the BTCUSD pair is highly volatile.
The Bitcoin has major support near $14,770 level and resistance near $21,500 level.
BTCUSD Weekly Pivot Points
What do you think of the 19-24 December Bitcoin Technical Prediction? Let us know in the comment box below.