Market Analysis

Bitcoin Price Analysis Dec.12: Range is tightening, a major move is nearby

from Crypto Potato 5 years ago 0 0 908

Following yesterday’s analysis, whereas Bitcoin was consolidating in a tight range, the current situation is pretty much the same: For the past two days or so, Bitcoin is consolidating between $3330 and $3430.

As we know from the recent weeks (since breaking down the $6000 support), Bitcoin doesn’t like to consolidate for a long term. Hence, I do expect a significant move soon.

Bollinger Bands support this as well: By looking on the hourly chart, the bands are at their tiniest spread since December 1. As a reminder, this led to a significant move from $3900 to $4270.

Is the move we are expecting going to be positive again? Let’s see.