By Shelly Melancon (Switzerland)
Since dawn, Thursday (today) has been with mixed feelings for Bitcoin’s (BTC) price movement. The charts earlier this morning show the resistance point broken at $50,000 and this gave the Bitcoin (BTC) bulls a spree at the level of $53,500.
As of 11:40 am (GMT), Bitcoin was moving at the rate of 0.48% with $49,136.
Our readers need to note that this piece is an analysis of Bitcoin (BTC) while it is still moving in the market. We will be comparing and contrasting through the movement of BTC as of this morning majorly using resistance, resistance, price action, and Fibonacci as the technical market indicators.
In the same vein, we’ll consider what the market holds for the latter part of the day.
Bitcoin Price Movement During The Morning Session
The morning session started with an unclear direction as Bitcoin climbs the ladder to an early peak of $49,324 before it started dipping again. Since it could not hit its first dominant resistance point at $50,081, BTC plunged back into a ditch as low as $48,546 and this was the trend until almost noon.
As the market keeps progressing, it was able to scale through its first dominant support point at $47,161, this brings Bitcoin to make a U-turn as it started making its way back to $49,000 points.
The crux of the trend all through the morning was that it successfully avoids a decline through the $48,340 turning point for the day.
Bitcoin Price Movement for The Latter Part of The Day
It is imperative that BTC avoids the $48,340 turning point for it to hit its major resistance point marked at $50,081.
In the absence of an extended upsurge, the first dominant resistance point should limit the upside.
In the event of a general cryptocurrency upsurge, BTC might test its resistance at 23.6% of $53,628 prior to the activation of any opposite direction. For the second dominant resistance point, it is pitched at $51,260.
A fast decline into the $48,340 turning point would pitch the first dominant support point at $47,161 and in the absence of an extended dip through the afternoon period, it is predicted that Bitcoin will be below the sub-$46,000 points. This brings the second dominant support point to sit at $45,420.
Critically considering the underlining nature of the dominant support and resistance points, we can easily deduce that 100 EMA is on the 200 providing more support.
All through the afternoon period, bullish conjunction of the 50 on 100 will produce $50,000 points into play and consequently serve as a trigger for the bulls to hit $53,000 levels.
For the bulls, they’ll keep soaring high if they can steer clear of the $48,340 turning point for the day and all through the afternoon.
To cap it all, bitcoin price prediction for tomorrow December 17, 2021, has its minimum price pegged at $46509 and the maximum price at $53511 while the price at the end of the day will be within the axis of $50010 for a coin.
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