Bitcoin Could Usher In December Near $18,000 If It Moves Past This Resistance

Christian Encila

2 years ago

3 mins read

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Bitcoin’s price increases have brought some sunshine to the cryptocurrency sector. Each of CoinGecko’s three timeframes—daily, weekly, and biweekly—showed BTC in a positive light.

This is fantastic news for the cryptocurrency market as a whole, as BTC is the dominant currency in the sector.

Here’s a quick glance at how Bitcoin is performing of late:

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

It is clear to some that Bitcoin is growing in popularity, as today’s transaction volume reached as much as $7.12 billion.

Forecast: Bitcoin At $18,000

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.

The leading cryptocurrency’s relative strength index (RSI) is in the overbought upper half, suggesting a possible pullback.

So far, so good on #Bitcoin.

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

— Michaël van de Poppe (@CryptoMichNL) November 30, 2022

The current price of $17,000 is sustained at $16.8k, which is a somewhat unstable support given the volatility of BTC’s price.

This is all within a 4-hour timeframe. The daily timescale is currently quite positive, with the coin’s rise breaking its prior decline.

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.

A regression analysis reveals an R value of 0.855, indicating a robust and healthy uptrend in its infancy. MFI confirms this rally with a movement of its own.

The money flow index of Chaikin demonstrates complete bullish dominance, limiting the potential impact of an RSI-supported trend correction.

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.

Slow And Consistent For The Target

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.

According to CryptoQuant statistics, BTC holders are in the capitulation phase, as an increasing number of individuals realize their losses.

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.

CAKE total market cap at $327 million on the daily chart | Featured image from Analytics Insight, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.