{"id":13148,"date":"2022-12-01T16:52:59","date_gmt":"2022-12-01T20:52:59","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13148"},"modified":"2022-12-01T16:52:59","modified_gmt":"2022-12-01T20:52:59","slug":"bitcoin-could-usher-in-december-near-18000-if-it-moves-past-this-resistance","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/01\/bitcoin-could-usher-in-december-near-18000-if-it-moves-past-this-resistance\/","title":{"rendered":"Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance"},"content":{"rendered":"

Bitcoin\u2019s price increases have brought some sunshine to the cryptocurrency sector. Each of CoinGecko\u2019s three timeframes<\/a>\u2014daily, weekly, and biweekly\u2014showed BTC in a positive light.<\/p>\n

This is fantastic news for the cryptocurrency market as a whole, as BTC is the dominant currency in the sector.<\/p>\n

Here\u2019s a quick glance at how Bitcoin is performing of late:<\/p>\n

Optimistic market movement and surprising investor buying
\nThe technical indicators reveal a range of possible outcomes, some bullish and some bearish, but bears are still there
\nThere will be no significant price hike this next week. Next year could see a break of the $17,500 barrier<\/p>\n

It is clear to some that Bitcoin<\/a> is growing in popularity, as today\u2019s transaction volume reached as much as $7.12 billion.<\/p>\n

Forecast: Bitcoin At $18,000<\/h2>\n

The $17,000 mark has been mentioned as a key level by several credible Twitter analysts. Recently, Michael Poppe has presented a study predicting that Bitcoin will hit or soar to over $18,000. And yet, is it possible that Bitcoin might reach these heights by December? As they say, anything can happen in crypto.<\/p>\n

The leading cryptocurrency\u2019s relative strength index (RSI) is in the overbought upper half, suggesting a possible pullback.<\/p>\n

So far, so good on #Bitcoin<\/a>.<\/p>\n

Would be nice to hold the previous level of resistance for support (around $16.6K) and then continue towards $18.3K for a good run. pic.twitter.com\/vsfoDWWgZB<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 30, 2022<\/a><\/p>\n

The current price of $17,000 is sustained at $16.8k, which is a somewhat unstable support given the volatility of BTC\u2019s price.<\/p>\n

This is all within a 4-hour timeframe. The daily timescale is currently quite positive, with the coin\u2019s rise breaking its prior decline.<\/p>\n

The only thing that could allow it to reach its $18,000 is the rather narrow Bollinger band, which indicates a narrower trading range in the next days.<\/p>\n

A regression analysis reveals an\u00a0R value of 0.855, indicating a robust and healthy uptrend in its infancy. MFI confirms this rally with a movement of its own.<\/p>\n

The money flow index of Chaikin demonstrates complete bullish dominance, limiting the potential impact of an RSI-supported trend correction.<\/p>\n

If the price falls today, we may see a decline towards the $16,800 support level. The bulls might exploit this support to target the current barrier at $17,500.<\/p>\n

Slow And Consistent For The Target<\/h2>\n

Investors and traders should remember that the market is highly volatile. The price will rise significantly if a cautious and consistent buying momentum is generated.<\/p>\n

According to CryptoQuant statistics, BTC holders are in the capitulation phase, as an increasing number of individuals realize their losses.<\/p>\n

Consider the analysis to be totally theoretical, as this may merely be a glimpse of better things to come for the coin. As the market recovers from the catastrophe, BTC may surpass the $17,500 milestone.<\/p>\n\n

CAKE total market cap at $327 million on the daily chart | Featured image from Analytics Insight, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin\u2019s price increases have brought some sunshine to the cryptocurrency sector. Each of CoinGecko\u2019s three timeframes<\/a>\u2014daily, weekly, and biweekly\u2014showed BTC in a positive light.<\/p>\n

This is fantastic news for the cryptocurrency market as a whole, as BTC is the dominant currency in the sector.<\/p>\n

Here\u2019s a quick glance at how Bitcoin is performing of late:<\/p>\n

Optimistic market movement and surprising investor buying
\nThe technical indicators reveal a range of possible outcomes, some bullish and some bearish, but bears are still there
\nThere will be no significant price hike this next week. Next year could see a break of the $17,500 barrier<\/p>\n

It is clear to some that Bitcoin<\/a> is growing in popularity, as today\u2019s transaction volume reached as much as $7.12 billion.<\/p>\n

Forecast: Bitcoin At $18,000<\/h2>\n

The $17,000 mark has been mentioned as a key level by several credible Twitter analysts. Recently, Michael Poppe has presented a study predicting that Bitcoin will hit or soar to over $18,000. And yet, is it possible that Bitcoin might reach these heights by December? As they say, anything can happen in crypto.<\/p>\n

The leading cryptocurrency\u2019s relative strength index (RSI) is in the overbought upper half, suggesting a possible pullback.<\/p>\n

So far, so good on #Bitcoin<\/a>.<\/p>\n

Would be nice to hold the previous level of resistance for support (around $16.6K) and then continue towards $18.3K for a good run. pic.twitter.com\/vsfoDWWgZB<\/a><\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 30, 2022<\/a><\/p>\n

The current price of $17,000 is sustained at $16.8k, which is a somewhat unstable support given the volatility of BTC\u2019s price.<\/p>\n

This is all within a 4-hour timeframe. The daily timescale is currently quite positive, with the coin\u2019s rise breaking its prior decline.<\/p>\n

The only thing that could allow it to reach its $18,000 is the rather narrow Bollinger band, which indicates a narrower trading range in the next days.<\/p>\n

A regression analysis reveals an\u00a0R value of 0.855, indicating a robust and healthy uptrend in its infancy. MFI confirms this rally with a movement of its own.<\/p>\n

The money flow index of Chaikin demonstrates complete bullish dominance, limiting the potential impact of an RSI-supported trend correction.<\/p>\n

If the price falls today, we may see a decline towards the $16,800 support level. The bulls might exploit this support to target the current barrier at $17,500.<\/p>\n

Slow And Consistent For The Target<\/h2>\n

Investors and traders should remember that the market is highly volatile. The price will rise significantly if a cautious and consistent buying momentum is generated.<\/p>\n

According to CryptoQuant statistics, BTC holders are in the capitulation phase, as an increasing number of individuals realize their losses.<\/p>\n

Consider the analysis to be totally theoretical, as this may merely be a glimpse of better things to come for the coin. As the market recovers from the catastrophe, BTC may surpass the $17,500 milestone.<\/p>\n

CAKE total market cap at $327 million on the daily chart | Featured image from Analytics Insight, Chart: TradingView.com<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-13148","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=13148"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13148\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}