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Bitcoin (BTC) Price Analysis for December 17
Source: CryptoNewsNet Original Title: Bitcoin (BTC) Price Analysis for December 17 Original Link:
Market Overview
The correction has not lasted long, and the market is back to green again. According to market data, Bitcoin (BTC) has gone up by 3% since yesterday.
Technical Analysis - Short Term
On the hourly chart, the price of BTC is rising after a local resistance breakout. The volume has risen, which means bulls are controlling the initiative on the market at the moment.
If the situation does not change by tomorrow, the upward move may continue to the $92,000 mark.
Technical Analysis - Medium Term
On the longer time frame, the rate of Bitcoin is far from key levels. As neither bulls nor bears are dominating, sideways trading in the area of $89,000-$92,000 is the most likely scenario this week.
Midterm Outlook
From the midterm point of view, the picture is similar. The volume keeps falling, which means traders are unlikely to see sharp ups or downs shortly.
Bitcoin is trading at $89,912 at press time.