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Bitcoin 12/27/2018 Price Analysis - There is still Short-Term Upside to $4425

Bitcoin has been falling sharply since breaking below $6000 but has slowed down just above $3000, finding support around $3125. In the 4H chart below we can see the transition from sharply bearish to more a neutral-bearish dynamic.

BTCUSD 4H Chart

Bulls in Short-term Control:

  • While the overall market remains, btc bulls are in control in the short-term.

  • We saw price push above the 200-, 100-, and 50-period simple moving averages (SMA) in the 4H chart.

  • The RSI has pushed above 70, and is now holding above 40.

  • These signs suggest we might see another bullish push towards a previous resistance around $4425.

  • So, while I still think there is downside to $3000 or even lower, I think the short-term bulls can pull price up to $4425 before capitulating further.

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