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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BITCOIN for DEC 17, 2024.
BITCOIN Key Takeaways
Financial data: The initial value of the US S&P Global Manufacturing PMI in December was 48.3, which was lower than expected and hit a 3-month low; the initial value of the S&P Global Services PMI in December exceeded expectations and recorded 58.5, a 38-month high; the initial value of the S&P Global Composite PMI in December was 56.6, which also exceeded expectations and hit a 33-month high.
Funds flow into the Bitcoin market: MicroStrategy further purchased approximately 15,350 Bitcoins with approximately US$1.5 billion in cash.
BITCOINTechnical Analysis
BITCOIN Daily Chart Insights
(BITCOIN Daily Price Chart, Source: Ultima Markets MT4)
(BITCOIN Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator once again sent an upward signal above the 50 median line, suggesting that the bulls have the upper hand. The fast and slow lines have not yet entered the overbought area, and it is still worth paying attention to the long trading opportunities during the day.
Support price: Bitcoin is supported by the purple 15-day moving average, which keeps raising the low price. 99678, as a key horizontal price, has also clearly changed from a resistance level to a support level. Yesterday, the market price broke through the high point of December 5, and there is momentum to continue to rise today.
BITCOIN 1-hour Chart Analysis
(BITCOIN H1 Price Chart, Source: Ultima Markets MT4)
(BITCOIN H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, and the market price may adjust downward during the Asian session. Although the indicator currently shows signs of rising again, it is necessary to be vigilant about the top signal that forms a top divergence with the Bitcoin price.
Upward trend line: The current market price is adjusting downward, and the bottom looks to the vicinity of the upward trend line. Before the market price falls below this trend line, investors should always focus on long positions.
BITCOIN Pivot Indicator
(BITCOIN M30 Price Chart, Source: Ultima Markets APP)
(BITCOIN M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 104340,
Bullish Scenario: Bullish sentiment prevails above 104340, first target 108110, second target 109220;
Bearish Outlook: In a bearish scenario below 104340, first target 102480, second target 101370.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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