Bitcoin (BTC) Price Analysis for December 19
The cryptocurrency market is neutral at the end of the week, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has gone up by 0.11% over the past day.
On the hourly chart, the rate of BTC has made a false breakout of the local resistance of $88,500. If the daily bar closes far from that mark, one can expect a correction to the $86,000 zone soon.
On the longer time frame, it is too early to make any long-term predictions even though the daily bar might close bullish. The volume remains low, confirming the absence of bulls and bears’ strength.
All in all, consolidation in the range of $87,000-$90,000 is the most likely scenario.
From the midterm point of view, the situation is similar. As none of the sides is dominating, one can expect sideways trading between $80,000 and $90,000 until the end of the month.
Bitcoin is trading at $88,260 at press time.
