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Focus on Bitcoin Today – 12th December 2023


Comprehensive Bitcoin Analysis for December 12, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Bitcoin for 12th December 2023. 


Bitcoin News Key Takeaways 

  • BTC ETF triggers rise: Since the second half of this year, the price of Bitcoin has continued to rise, with a cumulative increase of more than 140% during the year. This rise is mainly driven by the expectation that the Bitcoin spot ETF will be issued in the United States next year. On the contrary, if the Bitcoin spot ETF is once again rejected by regulatory agencies, the upward trend is bound to be severely suppressed. 
  • Monetary policy is the key this week: The rising expectations of the Federal Reserve’s interest rate cut have also boosted investment enthusiasm for risky assets to a certain extent. Bitcoin plunged yesterday, with the total liquidation amount reaching US$386 million. If this week’s Federal Reserve interest rate decision reduces the number of interest rate cuts next year, Bitcoin may continue to be under pressure. 

Bitcoin Technical Analysis 

Bitcoin Weekly Chart Insights

Bitcoin Weekly Chart Insights By Ultima Markets MT4
  • Stochastic Oscillator: The indicator has entered the overbought range at the weekly chart and is about to form a short signal. However, you cannot go short easily before sending out a complete short signal. 
  • Elliot Wave Theory: The rising structure since November last year is relatively clear, and it is a clear driving wave. After the market breaks through the upward channel line, it increases the probability that the upward trend since September will be driven by wave 3. 
  • Fibonacci resistance: The first target of the current upward trend is the $4853-50005 area. This range is the 1.618x Fibonacci extension of wave 1 and the 61.8% Fibonacci retracement of the downtrend since November 2021. 

Bitcoin 4-hour Chart Analysis

Bitcoin 4-hour Chart Analysis By Ultima Markets MT4
  • Stochastic oscillator: The indicator sends a short signal below the 50 midline, suggesting that short forces still have the upper hand in the short term. 
  • Price Action: Bitcoin price fell rapidly after falling below the neckline of the top, and is currently blocked by the upward trend line. If investors want to long the bitcoin , at least wait until the price reaches the black 65-period moving average before making observations. 

Ultima Markets MT4 Pivot Indicator

Ultima Markets MT4 Pivot Indicator for Bitcoin
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 41606.99, 
  • Bullish Scenario: Bullish sentiment prevails above 41606.99, first target 43030.17, second target 45307.26; 
  • Bearish Outlook: In a bearish scenario below 41606.99, first target 39313.16, second target 37889.98. 

Conclusion 

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