Bitcoin Price Analysis Dec.19: Are Bulls Back or Is It a Dead-Cat Bounce?
The green is back on screen: After sad weeks in red, since breaking down the $6,000, finally some days of optimism for the crypto community.
Following yesterday’s analysis: “It looks like Bitcoin has the right keys to continue up, at least to the $3600 – $3700 area: The daily trading volume is the highest of the past week, the RSI indicator looks bullish after breaking up the long-term trend line.”
So after almost reaching $3,600, Bitcoin had to take some air and had made the needed correction to the 38.2% Fibonacci level (~$3430). After hours of consolidation around the strong resistance area of $3450 – $3500, Bitcoin produced a nice green candle topping $3776 on Bitstamp.
Is that a dead-cat bounce and from here the bears will return, or is this the beginning of the reversal?
Looking at the 1-day & 4-hour charts
BTC/USD BitStamp 4-Hour chart
BTC/USD BitStamp 1-Day chart
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
Support this Site
Article comments