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Technical analysis

BTCUSD Analysis: Will Bitcoin Price Jump Above $3,400 Level?

Amandeep Sonewane | Dec. 17, 2018
BTCUSD Analysis: Will Bitcoin Price Jump Above $3,400 Level?

December 17, 2018 AtoZ Markets  - Bitcoin price is back in the green after a drop to the yearly low. The volume of the Bitcoin shows a green spike that drove a lot of traders to buy the coin. As per the data from coinmarketcap.com, Bitcoin price is trading at $3,287 level with the 24-hours volume of $37.8 Million. At the time of press, the coin has a market cap of $57.2 Billion.

Since the last week, the price of the coin has moved by -7.07% with a total volume of over $ 1.65 Billion. The highest price of the coin, $ 3,570.17, was on 10 December 2018 at 13:00 GMT while the lowest price, $ 3,169.53 , was on 15 December 2018 at 17:00 GMT.

Bitcoin Technical Analysis

Looking at the charts, last week there was a fresh decline below $3,300 in Bitcoin price against the USD. The BTCUSD pair even broke the $3,250 and $3,200 support levels. Also, a new low was formed at $3,120 mark and later the price of the coin formed a decent support above $3,120 level.

Later on, the price of the coin started a short term correction and traded above the $3,180 and $3,200 resistance levels. There was also a break above the 23.6% Fibonacci retracement level of the last drop from the $3,487 swing high to $3,121 swing low.

Moreover, the 100 SMA line is above the 200 SMA line which suggests that the path of least resistance is towards the upward direction. This suggests that the bullish reversal might take place in the upcoming days.

However, the upward move was protected by the $3,260 level and the 100 hourly SMA. There is also a major bearish trend line formed with resistance at $3,220 on the hourly chart of the BTCUSD pair. The current price of the coin action indicates that the Bitcoin price could break the trendline which is near $3,360, and the 100 hourly SMA.

A successful close above $3,360 mark might push the price of the coin towards $3,420 and $3,463 resistance zone. The 50% Fibonacci retracement level of the last drop from the $3,487 high to $3,121 low is also at $3,304.

In conclusion, Bitcoin price seems to be setting up for a bullish break above $3,400 levels. If Bitcoin buyers succeed to gain momentum above $3,360 level, there could be a jump towards $3,420 or $3,463 resistance.

Bitcoin Daily Pivot Points

Bitcoin price has a significant daily support near $3,258 level and resistance near $3,360 level.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.