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Bitcoin (BTC) Price Prediction for December 17
By Denys Serhiichuk, U.Today contributor
As of the writing time, the price of Bitcoin (BTC) is trading at $104,807. In my latest analysis, I’ve discovered some interesting patterns that could impact the future direction of this cryptocurrency.
On a shorter timeframe, such as one-hour or four-hour charts, it seems like there’s an ongoing consolidation process within a limited range of $104,000-$106,000. This can be seen as a sign that bears and bulls are fighting for control. Should we see a move near the mentioned mark ($105,149), there is a possibility to witness a further correction down to the $102,000 area.
From a mid-term perspective, I would recommend focusing on this week’s candle closure in relation to the mentioned level ($105,149). If the price doesn’t break above it and instead forms a false breakout, we could potentially see a downward movement towards the $100,000 zone.
In conclusion, my primary expectation is that Bitcoin will continue its sideways trading within the aforementioned range of $104,000-$106,000. However, should we witness a significant move near or at the mentioned level ($105,149), it’s crucial to be cautious and prepare for potential downward correction.
It’s essential to keep in mind that any cryptocurrency prediction is merely an educated guess, and the actual market can always surprise us. Always do your own research before making investment decisions.
**Disclaimer:** The opinions expressed here are not investment advice; they are provided for informational purposes only.
Source: u.today
