BTC/USD consolidates the $10,000 before looking for new highs

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  • BTC/USD moved throughout the day around the base of the upper channel
  • CBOE announces the launch of Bitcoin futures for December 19

A Day of consolidation is what the Bitcoin had yesterday. The Cryptocurrency that moves more than 50% of the market capitalization of the Crypto Markets takes a pause while it relaxes its technical figures.

Right now it moves within the upper channel of a triple bullish channel. The central channel, the broadest, is based on the $10,200. At this level is also the 60M 200. Below, support is at the $9,800s.

BTC/USD 60 M

  • The MACD is in positive territory, with a slight upward trend. It is close to the signal line, perfectly showing the price relaxation
  • All the components of the Directional Movement Index show relaxation. Lower purchases, lower sales. The ADX falls from 20, a level considered a signal for the price to be trending

This week the CBOE has announced the launch of its Futures trading over the Bitcoin on December 19. 

The liquidity of a market such as the CBOE, the speed of execution and the ability to leverage these BTC futures make an instrument as attractive as risky for intraday traders.

If the BTC/USD volatility we add the effect of leverage and speed in matching operations, the future of the BTC will be suitable only for experienced traders with love for risk.

Daily analysis

BTC/USD 1 D

  • The Fibonacci Fan shows us the BTC moving in the upper limits of 38.2% of the arc
  • The Directional Movement Index shows zero increase in sales, with purchases below the ADX showing divergence with the evolution of the price

The Fibonacci Fan presents us with a scenario that is very limited to new upward movements. A lateral movement would be necessary for the BTC if it wants to have free space to continue rises.

The area of the $10,600 level, 50% of the Fibonacci Fan is shown as a first support, followed by the $9,200 level, being at the level of 61.8% of the arc.

Conclusion

In the short term (2-3 days) the technical aspect shows a balance of forces in an environment of decreasing trend, supporting the possibility of some days of pause. If there is movement, the downward leg is the one having more distance.

Above, at the level of the $11,856 there is resistance, with a target if it is broken at the $11,920 price. Achieve it and overcome it, and it would open a new bullish scenario.

Below, the $11,000 level as a first support. If it were broken down, the next level would at $10,300 dollars per Bitcoin.

 

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