Bitcoin (BTC) Price Analysis for December 16
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The prices of most coins keep facing corrections, according to CoinStats.
BTC chart by CoinStats
BTC/USD
The rate of Bitcoin (BTC) has risen by 0.4% over the last day.
Image by TradingView
On the hourly chart, the price of BTC is trading near the local resistance level of $42,446. If buyers can hold the initiative, there is a possibility of a breakout followed by a move to the $42,700 zone.
Image by TradingView
On the bigger time frame, neither buyers nor sellers are dominating as the rate is far from the support and resistance levels.
All in all, ongoing sideways trading between $42,000 and $43,000 is the more likely scenario for the next days.
Image by TradingView
On the weekly chart, bulls could not maintain the rise after the last bullish candle. If the bar fails to close above the $44,000 mark, traders may expect a correction to the $40,000 zone.
Bitcoin is trading at $42,317 at press time.
About the author
Denys Serhiichuk
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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