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| comment | | "parent_author":"",<br>"parent_permlink":"bitcoin",<br>"author":"tamersameeh",<br>"permlink":"bitcoin-price-technical-analysis-for-december-22nd-2016-price-correction-attempt-ahead",<br>"title":"Bitcoin Price Technical Analysis For December 22nd,<br> 2016 - Price Correction Attempt Ahead",<br>"body":"As we expected during [yesterday's analysis ( https:\/\/steemit.com\/bitcoin\/@tamersameeh\/bitcoin-price-technical-analysis-for-december-21-2016-moving-above-the-1-x-1-gann-angle),<br> bitcoin price rose to score a high of $810 on bitstamp during yesterday's trading sessions. Today's trading sessions continued to push bitcoin price to higher levels scoring a high of $874 on Bitstamp by the time of writing of this article. So,<br> will bitcoin price continue rising subsidized by the market's bulls? or will we see a price correction attempt before further advancement?\n\n## Bitcoin Is Overbought On The 1 Day BTCUSD Chart:\n\nBy examining the 1 day BTCUSD chart from Bitstamp,<br> keeping the Fibonacci retracements and Gann angle placements we plotted during [yesterday's analysis ( https:\/\/steemit.com\/bitcoin\/@tamersameeh\/bitcoin-price-technical-analysis-for-december-21-2016-moving-above-the-1-x-1-gann-angle),<br> executing the MACD indicator and Stochastic oscillator,<br> we can notice the following:\n\nhttps:\/\/i.imgsafe.org\/c1014c6754.png\n- Bitcoin price rate of rise increased significantly after breaking through the resistance around $779 which corresponds to the 61.8% Fib retracement level. Price is now trading well above the 1 x 1 Gann angle and the candlesticks are steadily moving away from the 1 x 1 angle level which signifies an increased rate of rise due to lack to significant resistance level around this price level. \n- Bitcoin is now trading at $864.44 which is $10 lower than the high recorded earlier today,<br> so price correction is already in action. The MACD indicator is in the positive territory but the negative trend line is above the positive trendline. Furthermore,<br> the stochastic oscillator values around 86,<br> which means that bitcoin is overbought at the current price. Both the MACD and stochastic signal a downwards price correction attempt. \n\n## Price Correction Started On the 1 Hour BTCUSD Chart:\nLet's take a look at the 1 hour BTCUSD chart from Bitstamp while executing Williams Alligator indicator. We can notice the following:\n\nhttps:\/\/i.imgsafe.org\/c10340d398.png\n- Bitcoin price rose significantly after the Williams Alligator indicator exhibited a bullish alignment (refer to yesterday's analysis for more details). The price continued rising until a high of around $874 was scored.\n- The first bearish candlestick was formed after 4 successive bullish candlesticks. We can see a downwards price correction attempt that takes price down to a level that represents 50% of the rise that took place during the past 24 hours or so. So,<br> as shown on the above chart,<br> we can see price drop down to around $830 before price continues to rise again.\n\n\n### Conclusion:\nBitcoin price continued rising to record a high of $874 on Bitstamp earlier today. Our technical analysis predicts a downwards price correction attempt that can take price down to around $830 before the bullish wave can take over again.",<br>"json_metadata":" \"tags\":[\"bitcoin\",<br>\"news\",<br>\"money\",<br>\"crypto-news\" ,<br>\"image\":[\"https:\/\/i.imgsafe.org\/c1014c6754.png\",<br>\"https:\/\/i.imgsafe.org\/c10340d398.png\" ,<br>\"links\":[\"https:\/\/steemit.com\/bitcoin\/@tamersameeh\/bitcoin-price-technical-analysis-for-december-21-2016-moving-above-the-1-x-1-gann-angle\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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