Bitcoin Price Technical Analysis for 22/12/2015 – A Rebound May Be Possible

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Bitcoin has been struggling for the past couple of weeks as longs continue to book profits at higher levels near $465. This also makes sense given that the cryptocurrency is overbought from a weekly perspective. Bitcoin is currently trading at $439.71.

But, near-term long holders who could not get out near the tops may get another opportunity as a small bounce-back looks imminent. Below are the reasons why I believe so.



Technical analysis of the 4-h BTC-USD price chart reveals some interesting points.

  • Support from 100 4-h SMA – The 100 4-h simple moving average of $433 is expected to act as a near-term cushion for the cryptocurrency, in case it drops again.
  • Bollinger Bands – Bitcoin is languishing near the lower-end of the BB; such a move generally causes a small rebound.
  • Momentum – The Momentum seems to have hit a bottom and looks set to turn in favor of the buyers. A value above 0 would confirm the bullish bias; it is currently -12.7900.
  • Money Flow Index – The MFI is also indicating a possible jump in bitcoin price as it grows from the oversold

    Read more ... source: NewsBTC USA

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