On the 1-hour chart, bitcoin is hanging tight around $107,000, with a hint of selling pressure at the top of the daily range. Support has bounced back time and again at $106,000, showcasing buyers’ fierce defense of this level. Despite a minor pace drop, the upward drive persists, and a breakout above $107,500 with hefty volume might just catapult it towards $108,000. A failure to exceed this could hint at a brief retreat.

BTC/USD 1H chart on Dec. 17.

The 4-hour chart illustrates bitcoin keeping up its joyful ascent, backed by keen buying interest. After breezing past $104,000, any dips have been modest, with buyers jumping in around $105,000 to $106,000. Volume spikes with each upward leap confirm robust demand, hinting that momentum might push bitcoin past $107,500. Yet, resistance from $107,500 to $108,000 remains a tough nut to crack, where taking profits might flip the script unless buying volume ramps up.

BTC/USD 4H chart on Dec. 17.

Daily price action continues to paint a picture of bullish enthusiasm, with each peak higher than the last and each trough lifted higher, defining the current path. Moving averages are singing a bullish tune, with the exponential moving average (EMA 10) at $102,597 and the simple moving average (SMA 10) at $101,742 sitting well beneath current prices, offering solid support for further gains. Keep an eye out for a decisive move above $108,000, which could usher in a challenge for the psychological $110,000 level.

BTC/USD Daily chart on Dec. 17.

Oscillators deliver a mixed bag of signals, showing short-term doubt within a broader upward trend. The relative strength index sits neutrally at 71, suggesting bitcoin is flirting with overbought territory but hasn’t crossed the line. The Stochastic oscillator at 94 is also neutral, while the momentum indicator at 7,584 and the MACD at 3,962 flash bullish signals. However, the commodity channel index at 198 leans bearish, advising caution at current levels.

Moving averages (MAs) across all timeframes remain staunchly bullish. Short-term indicators like the exponential moving average (EMA 10-day) and simple moving average (SMA 10-day) keep the uptrend alive, while the exponential moving average (EMA 200-day) at $73,200 and the simple moving average (SMA 200-day) at $69,621 underline strong long-term support. Traders should watch closely as bitcoin approaches the $107,500 to $108,000 range, where sustained buying volume will be crucial for any further ascent.

Bull Verdict:

Bitcoin’s price action remains firmly bullish, supported by strong upward momentum across all timeframes and reinforced by the majority of moving averages. The presence of sustained buying volume, coupled with higher lows and a breakout potential above $107,500, positions bitcoin for a move toward $108,000 and possibly $110,000 in the near term. Traders should watch for volume confirmation at resistance zones to capitalize on further gains.

Bear Verdict:

Despite the current uptrend, bitcoin is showing signs of overextension near $107,500 to $108,000, where indicators like the commodity channel index (CCI 20) and high stochastic readings suggest caution. If sellers emerge near these resistance levels and buying volume weakens, a short-term pullback toward $105,000 could materialize, with further downside possible if key support fails to hold.

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