FX.co ★ Bitcoin analysis for December 22, 2017

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $13.182. The price of bitcoin (BTC) has dropped more than 25 percent in four days, and it looks headed for even worse territories as of this writing. Veterans have braced for its eventuality. However, there are many newly onboarded, and they're only used to the world's most popular cryptocurrency dipping slightly in an effort to rise again evero-higher, quickly. For perspective, here's a look at some of the more memorable crashes. Technical picture looks bearish.

Trading recommendations:

According to the 1H time - frame, I found successful rejection of strong resistance at the price of $13.723, which is sign that sellerr are in control. If the prrice breaks the level of $12.100 (Major FRR 38.2%), I expect potential testing of $9.845 (FR 50%). My advice is to watch for potential selling opportunities.

Support/Resistance

$14.224 – Intraday resistance (price action)

$13.182 – Intraday support

$11.415 – First objective target

$9.845 – Second objective target

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