Bitcoin share price development: What matters now
The Bitcoin price must be able to withstand a further price reset in the last trading hours. Today’s closing price shows just how sustained the bears‘ renewed attempt to sell will be. As a result, the BTC dominance by Bitcoin Up software should also show a reaction.
Bitcoin (BTC): The battle for the all-time high continues
- Bitcoin exchange rate: US$ 18,310 (previous week: US$ 19,119)
- Resistance/Targets: US$ 18,513, US$ 19,485, US$ 19,884, US$ 20,089, US$ 21,113, US$ 23,887, US$ 26,664
- Support: US$ 18,110, US$ 17,674, US$ 17,185, US$ 16,500, US$ 16,267, US$ 15,798, US$ 14,832
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The price of the crypto reserve currency failed to break through the $20,000 mark this week and started another correction yesterday, Tuesday 8 December. At its peak, the price fell back to support at $17,674, forming a new 14-day low. Although the BTC price has been trending slightly north again in the last few trading hours and is again trading above the USD 18,000 level, it is currently not managing to regain the EMA20 (red) at USD 18,320. The bearish divergence of the RSI indicator mentioned in the last analysis has shown its strength in the last few hours.
Bullish scenario (Bitcoin price)
It seems that some investors have again used the price downtrend in the last 24 hours to buy Bitcoin. The BTC price has been able to recover from its low of 17,674 US dollars in the last few hours and has risen by more than 600 US dollars. Currently, the bulls are already managing to move the largest crypto currency back above the EMA20, which once again brings the resist at $18,513 into focus. If this is overcome dynamically, the BTC price should rise rapidly again to 19,000 US dollars. In the $19,485 range, there will then be another showdown between bulls and bears.
If the bulls are able to leave this strong resistance behind at the end of the day, a breakthrough towards US$19,884 and US$20,089 is likely. As a result of this bullish reversal, the chances of BTC prices above the US$20,000 mark increase significantly. If this resistance range is breached sustainably at the end of the day, a subsequent rise up to the 200 Fibonacci extension at $21,113 is likely. If this resistance is also dynamically overcome, the bullish upward movement will extend to as high as USD 23,887. If the bulls can also break through this resistance on a sustained basis, the medium-term price target of USD 26,664 (261 Fibonacci retracement) will move into the focus of investors. For 2021, a breakthrough in the direction of the USD 35,074 is also conceivable.
Bearish scenario (Bitcoin rate)
The assumption that the bears will make an attempt to push the BTC price back below EMA20 has been confirmed over the last 24 trading hours. So far, however, the bulls are strongly opposed to this and are looking to avert a fresh sell signal on the daily chart. If the bears manage to push the BTC price below EMA20 by the end of the day and ideally below US$18,000, they will need to retest today’s low. If the BTC price falls below US$17,674 on a sustained basis, the horizontal support at US$17,185 will move to the attention of investors. If this support is also undercut and the EMA50 (orange) at USD 16,500 also fails to provide any support, a retest of the trend low at USD 16,267 is likely.
This is the area where the super-trend on the daily chart runs. If this strong support zone