Bitcoin Analysis December 5, 2017

BTC/USD

 

Bitcoin continues to rally, reaching towards the highs again during the trading session on Tuesday. We are currently pressing against the $11,900 level, so it has become obvious that the market is going to go looking towards the $12,000 level. At this point, looks like pullbacks continue to offer buying opportunities, and we should see plenty of support near the $11,400 level.

BTC/JPY

 

Bitcoin has pulled back during the day, but found the 20 SMA on the 4-hour chart to be supportive enough to find buying again. The ¥1.35 million level seems to be the next target, and although we are a little bit overbought at this point, it still looks a lot like a market that you need to buy the dips in, as we continue to build up momentum.

Thanks for watching, I’ll be back tomorrow.

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