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Bitcoin Analysis – 24.12.18

After BTC found support in the descending trend line (marked in orange on the 4-hour chart), we saw a good breakthrough beyond the $ 4,050 to $ 4,100 range. At the time of writing the article.

BTC faces a $ 4,200 resistance zone. If a breakthrough occurs here, we can see a $ 4,400 – $ 4,500 zone. RSI has broken the downward trend. To see a real breakthrough, it is a bullish feature in the medium term. However, the RSI of the hourly and 4-hour graphics are very high and may require some air before they accumulate more bullish impulses.

Resistance is $ 4,400 – $ 4,500 (along with 50-day sliding average – highlighted in white). The next significant resistance is about $ 4,650. There was a strong resistance that turned into support at the level of $ 4050 – $ 4100. The volume of trade is still low. However, it will be interesting to see how the daylight candle develops. Open BitFinex short positions have dropped to 33.5 thousand BTC.