Bitcoin continues to Consolidate after a massive increase during the trading session on Friday. More on this are briefly highlighted in the 8 December Bitcoin Price Technical Analysis.
8 December, Swissquote – Bitcoin continues to rally during the trading session on Thursday, reaching as high as 17,700 on some exchanges. It would be extremely tempting for buyers to buy some Bitcoins but the way the prices have moved higher over the last few days increases the questions and doubts in the minds of people and that is why many are still unable to get in on the ride.
8 December Bitcoin Price Technical Analysis
• Bitcoin is now consolidating. The technical structure has shown 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 at levels unseen so far.
• 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 ‘ 8 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.