Bitcoin analysis for 17/12/2018

Bitcoin analysis for 17/12/2018:

Exactly a year ago Bitcoin cost $20,000.

On December 17, 2017, Bitcoin quotations (BTC) on the global cryptocurrency exchanges reached their highest levels in history, brushing against a round level of 20 thousand dollars, to which the breakthrough ran out really little. As it turned out very quickly, it was also a drastic end of an exceptional rally, which within a month strengthened the oldest cryptocurrency by 270%. Today, exactly a year after drawing ATH (from the all-time high, the largest historical value), the price is under $ 3,500, losing almost six times.Along with the fall in the value of Bitcoin and a whole range of other cryptocurrencies, in the period from the beginning of 2018, the entire capitalization of this relatively young industry, fueled by strong speculation, has also been significantly depleted. At the turn of December and January, the entire market was worth over USD 800 billion, and in December tested the ceiling of 100 billion.It is also worth noting that the record high BTC prices completely denied the use and practicality of Bitcoin in everyday payments. Due to speculative purchases and high prices, the average transaction acceptance value was even 50 dollars, and the delivery time extended to several hours.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broke above the dashed black trend line and broken out above the technical resistance at the level of $3,222 and now is testing the level of 61% Fibo at $3,401. If the bullish pressure will prevail, then the price might test the local high at the level of $3,452. Any breakout above this level will open the road towards the level of $3,600.

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The material has been provided by InstaForex Company - www.instaforex.com