Bitcoin Price Analysis Dec.17: Nice $200 Breakout. Could This Start a Reversal?
Over the past two days since our previous Bitcoin price analysis, the coin had been trading around the $3200 mark.
However, the falling wedge we’ve talked about has just now shown signs of a nice breakout: and, good news, to the upper side. An impressive green candle from the past hour, as of writing the analysis, spikes Bitcoin over the $3400 resistance mark.
Could this turn into a further bullish correction? I would definitely consider this option. It depends on the volume of the buyers: So far today, the volume is relatively low.
An interesting thing to see is the Bitfinex short positions’ chart. Every time the shorts number is passing the 40K mark, the bulls would seek to trigger a short squeeze. As of ,now, the short squeeze erased only 2% of the open positions. Imagine what would happen if 10% of the shorts will get liquidated at one moment.
To summarize, this could start a deeper positive correction, but it’s too early to declare on an end to the way too long bear market.
Looking at the 1-day & 1-hour charts
BTC/USD BitStamp 1-Hour chart
BTC/USD BitStamp 1-Day chart
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
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