Bitcoin analysis for December 01, 2017

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Bitcoin (BTC) has been trading upwards. The price tested the level of $10,734. The largest options exchange worldwide, the Chicago Mercantile Exchange Group (CME), has announced its official Bitcoin futures contracts will launch on Monday, December 18, 2017. Technical picture looks bullish but in the overbought zone.

Trading recommendations:

According to the 1H time frame, I found a rising upward channel but the price failed to test the upper diagonal, which is a sign that buyers don't have enough power. I also found a rejection from Fibonacci expansion 100% at the price of $10,623, which is another sign that buying looks risky. Due to overbought condition and successful testing of FE 100%, my advice is to watch for potential selling opportunities. Downward targets are set at the pirce of $10,136, $9.355 and at the price of $8,990.

Support/Resistance

$10.734 – Intraday resistance (price action)

$10.136 – First objective point

$9.355 – Second objective point

$8.990 – Third objective point

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