Bitcoin price has undergone a significant retracement today,The trading within a 20% range, having fallen from an all-time high of over $17,000 to establish support at just below $14,000.
As of this, the price is consolidating in the $15,000 area.
Bitcoin has broken the $10,000 limit
for the first time on the 29th of November before consolidating for several days and then ramping up to break above $12,000 on December 6th. The break above $12,000 accelerated to produce two days of parabolic bullish momentum, with prices driving up to set a new all-time high of $16,667 on Bitstamp, $17,171 USD on Bitfinex, and $19,340 USD on Coinbase.
Today’s retracement has caused the stochastic RSI to test the 80 threshold on the daily charts, with some analysts anticipating that further dumping could ensue should the stochastic RSI dive below 80. On the weekly chart, the markets appear to be vertical, with the chart currently showing four consecutive large green candles, and the stochastic RSI pushing above the 80 threshold for the first time since early November as of this writing
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