Bitcoin analysis for December 19, 2017


Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $17,202. One of Japan's largest used car automotive groups has partnered with the country's largest cryptocurrency exchange Bitflyer to enable bitcoin payments at its dealerships across Japan. Starting with 26 dealerships, the company also plans to add bitcoin payments to 550 additional locations. Technical picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found successful rejection from the key supporrt at the price of $17,240, which is a sign that selling looks risky. I also found an inside candle formation and my advice is to watch for potential bullish breakout to confirm a further upward movement. The upward targets are set at the price of $18,853 and at the price of $19,420.


$18,853 – Intraday resistance (price action)

$19,420 – Major resistance

$17,240 – Key supporrt

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