Bitcoin analysis for December 06, 2017

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $12,801. The price of bitcoin has pushed above the $12,750 zone on December 5, 2017, at approximately 12 PM CET, reaching yet another all-time high this year. The decentralized currency has seen an increase in value well over 900 percent in 2017 and hasn't slowed down yet. The technical picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found a successful test of the upward trendline, which is a sign tthat selling looks risky. I also found a cross on stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. I placed Fibonacci expansion to find potential upawrd targets. I got FE 61.8% at the price of $13,000 and FE 100% at the price of $13,498.

Support/Resistance

$12.801 – Intraday resistance (price action)

$13.000 – Fibonacci expansion 61.8%

$13.461 – Fibonacci expansion 100%

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