Bitcoin analysis for December 20, 2017


Bitcoin (BTC) has been trading downwards. The price tested the level of $15.618. The South Korean cryptocurrency exchange affiliated with Kakao Talk has recently become the center of regulatory controversy. Upbit is the only major exchange in Korea that has not joined the other exchanges in support of self-regulation. Their agreement with Bittrex raises the question of how the regulation applies to them. Meanwhile, the exchange is having its own internal problems as customer complaints mount. Technical picture looks bullish.

Trading recommendations:

According to the 1H time - frame, I found confirmed reversal head and shoulders formation, which is sign that selling looks risky. I also found a broken supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $18.890 and at the price of $19.450.


$15.618 – Intraday support

$17.422 – Intraday resistance

$18.890 – First objective target

$19.450 – Second objective target

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