Bitcoin trading platform, Coinarch, communicate a daily bitcoin price update which includes day in review and predictions.
11th December Trading session
The bitcoin price finally woke from its sideways slumber earlier this week only to fall out of bed, dropping markedly from the mid 370s to yesterday’s low of 335. Things changed in a hurry later in the day, however, when the most unlikely of knights in shining armour emerged in the form of Microsoft. The tech giant announced that it now accepts bitcoin payments for its US-based online store, news which quickly sent the bitcoin price on tear and appears to have forced bears into submission.
The BTC/USD opened near 340 on the 4HBitFinex chart after breaking sharply below its previous support line around 347. The Microsoft news quickly changed the scene, however, with optimism flooding the market and causing the price to surge from 340 to 359 within a few hours. We saw some selling at the peak by short-term profiteers, but the market has managed remained largely neutral after the announcement and has settled above the daily moving average, giving a slight edge to the bulls.
At press time, the bitcoin price looks bullish for the short-term.
What to Expect Today?
Based on the current technical readings, the market is in neutral mode with the price trending near the daily moving average amid high volatility. The price is below the key-SMAs, while the RSI is near 45 on the 4H charts. On balance, we expect the market to remain neutral and to consolidate between 350 and 355.
If the price breaks below 350, we see 340 as the next key support level. Any successful push below 340 will open us up to the November low of 320, with downside risk towards 300.We see any bullish push as only being real if the price can break through the 365-370 resistance area, in which case we see upside risk towards the 385-390 area.
Conclusion (On Daily Charts)
Current Mood: Neutral
Moving Averages: Sell (4 Buy and 8 Sell)
Technical Indicators: Buy (5 Buy 3 Sell 3 Neutral)
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