A new all-time high of EUR 14,946.27 (USD 17,585.03) was reached between Thursday and Friday – but the price is currently falling.
Summary of the Bitcoin secret
The Bitcoin secret price has risen over the week as shown on: On 6 December, a rally to new all-time highs began, which ended in the night between 7 and 8 December – but the course plunged to bottomless ground a day later. The most important short-term resistance is EUR 14,946.27 (USD 17,585.03), the most important short-term support is EUR 10,896.25 (USD 12,819.98).
Apparently the crypto scene was good this year, after all St. Nikolaus experienced a price increase that was much steeper than the previous trend. This rally culminated in two peaks on 7 December early in the morning and late at night, the latter being the new all-time high of EUR 14,946.27 (USD 17,585.03). Since then, there has been a slight correction, a slight drop in the plateau and a dramatic fall in prices, which at times seemed to make up for all the gains made this week.
The MACD (second panel) is of course negative, as is the MACD line (blue) below the signal (orange).
The RSI (third panel) is at 21 and strongly oversold.
The analysis of movements on the 60min chart speaks bearish language, but one should keep in mind that the RSI is oversold. This may be a sign of a reversal. The most important support is described by the uptrend that took place before December 6th and currently stands at 10,896.25 EUR (12,819.98 USD). The most important resistance on the 60min chart is the all-time high at 14,946.27 EUR (17,585.03 USD).
The long-term development of the share price
Was that ascension now? Can we expect a dramatic correction? For an assessment, let’s look at the medium- and long-term price movements and first the 240min chart:
The medium-term chart is also characterized by an upward trend. Instead of the already discussed upward trend, the upward trend that has been observed since mid-November is shown here. We can see here that since the end of November the price has been behaving better than this upward trend. The price is still above the exponential moving average of the last two weeks, but the exponential moving average of the last week was tested.
The MACD is still positive, but the MACD line has dropped below the signal. The RSI stands at 40 and is bearish. In the medium term the situation is neutral to bearish. The most important support is described by the upward trend since mid-November, which is currently at 9,167.37 EUR (10,785.87 USD). Here, too, the resistance can be described by the all-time high, which is 14,635.15 EUR (17,218.99 USD) on the 240min chart.
Let’s close with a long-term view on the 1D chart:
In the long run, the price correction is significant, but not dramatic: The steep upward channel mentioned last week, here marked in light blue, has now been surpassed. The most recent correction tried to test the former resistance of the upward-channel.
The MACD is positive despite the recent correction, as is the MACD line above the signal. The RSI was in the overbought territory, but is now at 69.
Overall, the long-term outlook is bullish from a technical perspective. The most important support is described by the support of the new uptrend channel and is at 9,097.02 EUR (10,703.10 USD). The most important resistance is the all-time high on the 1D chart at 14,525.98 EUR (17,090.54 USD).