By Thursday, December 10, BTC is correcting and trading near $ 18,200. It's just time to "put your nerves in order" - then they will definitely come in handy. On the weekly chart, Bitcoin continues to retrace from the 100% Fibonacci level. The target reference point for a pullback may be the nearest support level - $ 18,000. The MACD indicator histogram is in the positive zone, providing an additional signal for the asset price rise. Signal lines of the indicator continue to grow after the formation of the "Black Cross", which increases the chances of a continuation of the upward dynamics. The Stochastic indicator is in the overbought zone, opening up opportunities for further price correction in the near future. The combination of these factors suggests that the crypto asset will continue to develop an upward impulse after the correction.
On the daily chart, the BTC / USD technical picture shows a continuation of the correction. The quotes bounced off the 100% Fibonacci level. The target for growth after a rollback and breakdown of the upper boundary of the ascending channel is the $ 20 800 mark. The MACD histogram is above the zero mark, but is gradually decreasing, which indicates a possible correction before continuing the rise. Signal lines of the indicator are in the stage of formation of the "Black Cross", favoring the correction of quotations. In the aggregate of all indicators, the correction in the process of price growth to resistance looks more priority. The target reference point for the continuation of the upward trend after the correction is still the $ 20,800 mark, says Dmitry Gurkovsky, leading analyst at RoboForex .
On the H4 chart, the prospects for BTC / USD to continue to grow after the correction also look promising. Stochastic indicator continues to decline towards the oversold zone, giving an additional signal for a pullback. The target level for the decline before the growth may be support around the level of $ 18,000. The benchmark for growth after the correction here is the same as on the older timeframes - $ 20,800.
The recent skyrocketing BTC rate has prompted observers to look for parallels with fiat assets in order to predict the future that awaits everyone. So, a number of users (for example, at JP Morgan) considered the fall in the BTC rate as a risk for gold as well. Yes, the flagship cryptocurrency has shown the most effective dynamics in recent weeks, few market assets can boast of such an achievement. Over the same period of time, the cost of gold has decreased by an average of 10% (from $ 2000 to $ 1800). What is the danger here? For example, in the fact that investors holding positions in gold for a long time can transfer their finances to a more dynamic asset - BTC, and then the cost of the usual (and even archaic) gold will noticeably decrease. The risk is that this may not be a “light wind of change” in market sentiment, but a strategically sound decision. And then it looks like a real revolution will come in the world of "defensive" assets. For most of us, 2020 has become a time of testing, and certainly not a phase of transition to a qualitatively new level. However, this is not the case with BTC. Now we can see how quickly bitcoin penetrates the main financial market, and in the traditional way: the wider the possibilities of using cryptocurrencies in everyday life, the faster the development. In addition, it is known that any devaluation of fiat assets leads to a surge in user interest in alternative assets. Apparently, this is exactly what is happening with BTC. And there will definitely be something interesting ahead.