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Bitcoin (BTC) Price Analysis for December 11

How long is the current Bitcoin (BTC) drop going to last?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The long-term correction might have started on the cryptocurrency market as all Top 10 coins are in the red zone. Chainlink (LINK) is the main loser among them, declining by 5.42%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the cryptocurrency market capitalization has lost $10 billion and is now at $528 billion.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant Bitcoin data today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $332,211,862,422

  • Price: $17,891.53

  • Volume (24h): $28,609,577,426

  • Change (24h): -2.01%

The data is relevant at press time.

BTC/USD: Have bears seized the initiative in the long-term perspective?

Yesterday, buyers tried several times to break through the resistance of the hourly moving average EMA55, but each time the bears pushed the pair back below the average price level.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Tonight, the Bitcoin (BTC) price has rolled back to the monthly low zone and is trying to find support around the $17,600 mark. If buyers are able to form a bullish momentum, they may retrace the pair above the EMA55.

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If the bears push through the strong support level of $17,600, then, on the weekend, the pair will roll back to the uptrend line (to the area of $17,000).

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, Bitcoin (BTC) is about to show a short-term bounce back before a more profound decline. The high possibility of a price rise is confirmed by the bullish divergence on the RSI indicator and low liquidity below $17,600. This means that sellers have low chances of keeping the drop from current levels. In this case, the growth may last to the mark of around $18,100.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger chart, the situation is more bearish as there is no pressure from bulls based on the trading volume and liquidity. That is why the more likely scenario is an ongoing drop to the closest vital support at $16.20. Such price action is relevant until the end of the year.

Bitcoin is trading at $17,996 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com