BTC Price Technical Analysis 12/27/17 3AM est.

27 Des 2017

As of 3:00AM est., BTC is trading at approx. $16240 on Coinbase. The price has corrected about 17.9% from its high of $19,783.91 that was reached on 12/17/17, but the price has dipped as low as $10,450, or about 47.2% from its highs (on 12/22, which is what seems to be the last day of the correction). Since 12/22, price has been consolidating for 3 days within the $13,500 to $15,100 range. We have seen a breakout of this range, with prices closing at $15,800 at the end of the 12/26 crypto trading day (7pm eastern time). Based on price action, there is what seems to be sustainable up-trending support (purple line). Key price levels to watch are the green line - $15,100 - former resistance which usually becomes support after a breakout. If it does not bounce off $15,100, price may retrace to purple line of support. If it does indeed bounce, the next key price is a breakout over $16,460 (orange line). The MACD indicator has came back to normal levels and looks ready for a bullish crossover within the coming days, and may bounce off the up-trending support line. The RSI has also cooled off and is curling upward again (bullish) returning to same levels it was at before the run from $6,000 to $19,780. If purple line does not hold, we will most likely see $13,600 (light blue) and if that doesn’t hold, $11,850 (blue line) or the black uptrend support will be next.