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Bitcoin Regains $11,000 and Establishes New Highs: A Charge to $13,000 Next?

Reading Time: 2 minutes by on December 3, 2017 Price Analysis

The price of bitcoin has regained the $11,000 handle on December 3, after the market tested the psychological level on December 2 and failed to close above the milestone. However, on December 3, BTC-USD breached the previous all-time high at $11,395 to reach new highs at $11,720.27. The breach of the important resistance at $11,395 indicates a move toward $13,000 in the days ahead.

The daily chart below shows the Fibonacci tool overlaid for the run up from $7876 to $11,395, with the extension target displayed at $13,569.74; since the market has broken the high at $11,395, we should see BTC-USD tend toward this Fibonacci extension level. Also, we see that a fractal buy level formed at $9000 on the open of December 3’s candle, suggesting bullish momentum will continue. A daily close above $11,395 will provide further confirmation, and we could enter buy positions on the close of December 3’s candlestick, with a take profit level at $13,569.64. Alternatively, if you are bearish on bitcoin, you could set limit sell orders at $13,569.54

Bitcoin Regains $11,000 and Establishes New Highs: A Charge to $13,000 Next?

BTC-USD (Daily): Bullish above $11,395.00; Next resistance at $13,569.74

The 4-hour chart below displays the market has triggered a bullish saucer signal, suggesting that the price of bitcoin will start to exhibit bullish momentum and begin its charge toward $13,000. We see that the Awesome Oscillator has turned green in the previous 4-hour trading session and that the current trading session, the bar has moved higher. Also, looking at the price action, we see that the market has already breached the $11,584.34 level, triggering the bullish signal. Therefore, we look to buy near $11,584.34.

Bitcoin Regains $11,000 and Establishes New Highs: A Charge to $13,000 Next?

BTC-USD (4hr): Bullish above $11,200.00 and $11,584.34; Next resistance at $12,330.87

Furthermore, the chart above also shows the Fibonacci tool for the most recent buy and sell fractals on the 4-hour timeframe. The Fibonacci levels suggest the next resistance will be found at $12,330.87, so any long positions might want to take partial (or full) profits here. Support is seen at $11,200 and could provide a good opportunity to go long if the market makes a downward turn.

The 30-minute timeframe is shown below and indicates some potential support levels. The short-term timeframe signals that the market will look to find a new floor, since we have no fractal support level formed after the rise from around $11,000 to the new high at $11,720.27. Also, we see the Awesome Oscillator has turned red after a prolong period of green, rising bars.

Bitcoin Regains $11,000 and Establishes New Highs: A Charge to $13,000 Next?

BTC-USD (30-min): Reaches new all-time high, needs to find new floor, most likely around $11,398.64 or $11,322.73

The Fibonacci levels indicate possible reversal areas, where the market is most likely to retrace to the 50 percent or 38.2 percent retracement levels, at $11,398.64 and $11,322.73 respectively. Therefore, we could set limit buy orders just below these important supports. So far the market has gone onto test the support at the 76.4 percent retracement level, at $11,568.46, but has yet to break below it. Alternatively, we could buy BTC-USD on the break of the 100 percent Fibonacci level at $11,720.27 and target the Fibonacci extension level at $12,117.81.

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