The December leg of the Bitcoin rally continues, but just in case there is a disturbance in the force, here are some support levels to watch on the daily and 15 minute charts.
Bitcoin prices on the daily timeframe, as tracked on Bitstamp, formed a large bullish candle in trading on Friday. It was followed by a spinning top candle, one with a narrow real body or opening and closing range, situated in the center of its overall range. It is generally considered a reflection of trader indecision.
If the market needs to absorb recent gains and there is a pullback period, there is not much in the way of support on the daily chart until the 17,350 level to the 16,500 level.
On the 15 minute Bitcoin chart, there is secondary support between 18,600 and 18,475 (which is being breeched as I type this). The large bullish candle that formed on Friday offers little in the way of interior support levels and the next area down, is between the 17,900 level and the 17,825 level.
Below that, is the wide daily support zone.
Remember, in trading, preserving capital is the prime directive.
(Charts are from www.tradingview.com)