Further continuation seems possible for bitcoin
Bitcoin surged past $100,000 on 5 December in a large intraday movement as sentiment continued to be positive. Participants expect a significantly more crypto-friendly environment when the new American government takes charge in January.
Based on performance within the last month, it’s unlikely that $100,000 will now become a strict level of support, rather an area. It’d be possible to see the price retreating below there before another move up. The next likely resistance is the 100% monthly Fibonacci expansion around $107,000.
With the price not currently overbought based on the slow stochastic or Bollinger Bands, the trend looks likely to continue now that upward momentum seems to have returned in strength. Traders’ main challenge remains finding suitable places for stops between premature triggering and exposure to a possibly large correction if sentiment shifts.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
Based on performance within the last month, it’s unlikely that $100,000 will now become a strict level of support, rather an area. It’d be possible to see the price retreating below there before another move up. The next likely resistance is the 100% monthly Fibonacci expansion around $107,000.
With the price not currently overbought based on the slow stochastic or Bollinger Bands, the trend looks likely to continue now that upward momentum seems to have returned in strength. Traders’ main challenge remains finding suitable places for stops between premature triggering and exposure to a possibly large correction if sentiment shifts.
This is my personal opinion which does not represent the opinion of Exness. This is not a recommendation to trade.
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