Yesterday BTC broke its resistance price of $17,200 to briefly touch the mark of $17,249
In the last two weeks, Bitcoin forms a morning star pattern on the weekly chart, forming a low of $15479
If the Fed December meeting and Non-Farm Payroll Data go in the favor of crypto markets, we could witness the resistance of $18,200 being broken with ease
The majority of the crypto market movement is based on the prices of Bitcoin due to the sheer volume of liquidity invested in it. Yesterday BTC broke its resistance price of $17,200 to briefly touch the mark of $17,249.
This spike will invite more short-term traders into the rally and could further inflate the price to another high for the week. However, there are a lot of contributing factors that need to be kept in check before anything could be achieved above $20,000. The overall positivity in the market could be spotted with the prices of ETH increased by close to 8% in the last trading session.
If things go in the right direction, we could witness a short-term positive rally in the markets increasing the price of BTC, ETH, and eventually other altcoins. Passive crypto traders are waiting for good signals from the market to trade in the month of Christmas and this price rise could create conducive sentiments for further investments.
In the last two weeks, Bitcoin forms a morning star pattern on the weekly chart, hitting a low of $15479 with an indication that the bulls are active near the $15,500 support zone and buying at a lower level. This followed a rise in the prices of Bitcoin and at the time of writing this news, it is trading close to $17,135. As per the market trend, BTC prices are going to hover around $17,100 - $17,150.
If the price of BTC crosses $17,200 then the next step for the king crypto would be no less than $20,000. If these predictions go right we would be able to witness record traders entering the market to reap the benefits of this rally. However, if the market fails to sustain above $17,200 levels then a sharp panic selling could be seen and the price can reach up to $15,500 or even lower.
A lot of new updates in the macroeconomy are also going to unravel in the days to come. The U.S Non-Farm Payroll Data for December is going to be released tomorrow and its results would be impacting the global markets. If the data released goes in the favor of crypto markets, we could witness the resistance of $17,200 being broken with ease. However, if it does not go right, traders might have to reduce their targets for a while.
The eighth and final meeting of the Federal Reserves is also scheduled this December. The change in the rate of interest is also going to affect the markets with speculations in favor of a minor hike in interest rates. Jerome Powell, Chairman of the Federal Reserve said that they are looking forward to monitoring the pace of their rate hikes in the meeting to come. As per market expectations, Federal Fund Rates are expected to rise by 50 basis points.
Even after highly uncertain market conditions, the majority of the factors including the upcoming Christmas holidays are in the favor of BTC. Thus, the time is ripe for traders to stick to their screens for a while analyzing the movement, and book some extra profits this week.
Market experts of CoinGabbar are bullish on BTC in the coming week and are ready to provide our users with the latest market updates. Most of our market calls are hitting the target and thus becoming the market standard for cryptocurrency predictions.
With most of the factors leaning in favor of Bitcoin, there is high hope amongst the traders that the BTC rally is going to enter the famous ‘Santa Claus Rally’ this December. If this happens, altcoins including ETH will witness a rise in their prices.
We at CoinGabbar are educating the masses about cryptocurrencies and their use cases to make them accessible to all. Stay tuned with CoinGabbar to get the latest updates on BTC prices.
As we stated in a previous blog, if BITCOIN closes above $17,200, there will be a sharp spike towards the $18,200 level. BTC hit a high of $18,373 and facing resistance around 61.80% of the FIBO retracement, after which it dropped rapidly to 78.60% level near $17,000. If BTC closes below the $17,000 and the 78.60% FIBO level, then sharp panic selling can be seen towards $15,500. If BTC not able to hold $15,500 then $14,000 can be seen in the short term as the Santa Claus rally persists.