Bitcoin is still consolidating below 12k as the 6 December Bitcoin Price Technical Outlook chart shows. There are decent likelihood that the asset will reach $40’000 in 2018.
6 December, Swissquote – Bitcoin price seems unstoppable in its climb yet again, paving the way for a potential rally to the next major resistance level. Bitcoin price has successfully broken to new highs and is setting its sights on the full extension of the latest move.
It seems as if traders are trying to create some type of ascending triangle on the hourly chart, and the measured move could propel this market much higher, possibly looking to push the market to the $15,000 level before year-end.
6 December Bitcoin Price Technical Outlook
• Bitcoin is still consolidating below 12k. The technical structure shows a tremendous positive short-term momentum. Hourly support is located at 9000 (29/11/2017 low). Strong support stands very far at 2975 (22/08/2017 low). In the short-term, the digital currency should continue rising.
• 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 ‘ 6 December Bitcoin Price Technical Outlook ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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