Bitcoin Analysis December 7, 2017


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BTC/USD

Bitcoin rallied again during the trading session on Wednesday, as we have broken as high as $12,800. We are starting the next impulsive move higher, so it looks likely that the 20 SMA on the hourly chart will continue to offer dynamic support, meaning that as a record this, there should be significant support at the $12,200 level, and most certainly at the $12,000 level underneath, which has psychological importance. Remember, after yesterday’s ascending triangle, it looks as if we are going to aim towards the $13,000 level.

 

BTC/JPY

Bitcoin rallied significantly against the Japanese yen as well, as we are heading towards the ¥1.5 million level. I think that pullbacks are going to be value propositions, and I believe there’s a bit of a floor in the market at the ¥1.325 million level. Because of this, buying the dips continues to be the way forward as Bitcoin rallies.

 

Thank you for watching, I’ll be back tomorrow.

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