Technical analysis as of December 14, 2017

Maximum update. The nearest target is 18000.00. After the price of Bitcoin set a maximum of 17,160.00 US dollars per Bitcoin on December 8, the pair, just as sharply as it was growing, went into a correction to the “single” Fibonacci support level.

BTC/USD

After the price of Bitcoin set a maximum of 17,160.00 US dollars per Bitcoin on December 8, 2017, the pair, just as sharply as it grew, went into a correction to the “single” Fibonacci support level. On December 9, the “single” ray acted as a rather strong support level for the BTC/USD price, but it was also broken, after which the price rolled down to the next 0.618 Fibonacci ray and tested its strength several times in the area of ​​13160.00. The support turned out to be reliable and on December 10 gave rise to another upward trend movement. The next day, the maximum was set at a new record level of 17443.00, after which the price went into a not very deep correction and then updated the maximum at the round mark of 17500.00, which, by the way, we took as an extreme point for constructing Fibonacci rays. 

Let's dilute the technical analysis a little with the fundamental one, mentioning that on December 11, a historical event occurred in the life cycle of Bitcoin - the Chicago Board Option Exchange (Chicago Board Option Exchange) began trading Bitcoin futures. Thus, February futures were traded at a price of 18800.00 US dollars. The price exceeded the current price of Bitcoin on the Gemini and BitFinex exchanges by approximately 10%. The Futures Industry Association (FIA), which includes monsters such as Goldman Sachs and JPMorgan Bank, has expressed concern about trading in Bitcoin futures. One of the reasons for the “concern” is the quotation of the value of Bitcoin at the prices of the rather small exchange Gemini (it ranks 15th in terms of trading volume), owned by the Winklevoss brothers, who, in turn, are large owners of Bitcoin (worth over 1 billion US dollars), so they are interested parties. However, we can just as easily call the big banking monsters “interested parties” in weakening the influence of Bitcoin on the global financial system, because they are deprived of the right to manage the decentralized cryptocurrency system. This is where the spread of information about the soap bubble and “tulip mania” grows.  

Let's return to those. analysis. In the following days, there is a high probability of consolidation of the BTC/USD price in the beige and blue corridor of the fib rays, where the 0.618 ray should again act as support for the price. After a re-test of this level, there will be an increase to the next maximum at around 18000.00.