Bitcoin price trading above $14,000 and surged by 4.45% in a month with a total volume of $17.35B. Here is the 29-31 December Bitcoin Technical Prediction.
29 December, AtoZForex – Today, the Bitcoin price is trading above $14000 level displaying the bullish signals on the charts and about to reach it’s 24 hours high again. Bitcoin price has wide-ranging fluctuation after the strong pullback. The market cap now stands at $235 billion and volume has slowed broadly due to the holiday season. What to expect from Bitcoin price before the start of New Year 2018?
29-31 December Bitcoin Technical Prediction
Yesterday, the Bitcoin price experienced selling pressure after South Korean government proposes tighter Bitcoin rules, hinting at an outright ban. Also, the price dropped nearly 10% and traded below $13,500 on BitFinex Exchange at some point due to South Korea government planning to shut-down all the existing exchanges in South Korea.
In its statement, the government said:
“It can’t leave the abnormal situation of speculation any longer and cryptocurrency speculation has been irrationally overheated in Korea.”
According to the charts, the 100 SMA is turning to cross above the longer-term 200 SMA to signal that the path of least resistance is to the upside. If this happens, more bullish momentum could be possible, and a forward push from this point can be seen. But according to Fibonacci retracement, the Bitcoin is trading at the golden ratio zone which stands out to be the crucial point for the Bitcoin. On the downside, a drop below 38% Fibo. retr. may test Bitcoin to next support level, i.e., $12100.
The relative strength index(14) value is 68.15 which means Buying signal.
The Ultimate oscillator also suggests that Bitcoin is in the buying zone.
Moreover, according to ATR(14), the BTCUSD pair is highly volatile.
The Bitcoin has significant support near $13200 level and resistance at $15440 level.
I am highly bullish on Bitcoin, and the charts suggest a buying opportunity at this level ($14,250- $14,750) as the price may test above $17,000 level by the year-end after the consolidation.
BTCUSD Pivot Points
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