RATE Group | Bitcoin Price Weekly Analysis: BTC’s Short Term Rebound Likely
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Bitcoin Price Weekly Analysis: BTC’s Short Term Rebound Likely

16 Dec Bitcoin Price Weekly Analysis: BTC’s Short Term Rebound Likely

Posted at 09:18h in Bitcoin News by

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Key Points

  • Bitcoin price traded to a new yearly low at $3,126 and later corrected a few points against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $3,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps correct higher in the short term towards the $3,320 or $3,380 resistance.

Bitcoin price is forming a short term base near $3,120 against the US Dollar. BTC/USD is likely to test the $3,380-3,400 resistance zone before declining once again.

Bitcoin Price Analysis

This past week, bitcoin price remained in a slow and steady downtrend from the $3,640 high against the US Dollar. The BTC/USD pair traded lower and broke the $3,400 and $3,320 support levels. The decline gained pace and the price traded to a new yearly low at $3,126. Later, it consolidated above $3,126 for a few sessions before correcting higher. It moved above the $3,200 resistance, but it is well below the 100 simple moving average (4-hours).

During the…

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