So please I'd really need your contributions and ideas on what you feel or think would be the outcome of Bitcoin the remaining weeks of this year and most importantly, what would the new year have installed for Bitcoin?
Bitcoin's performance has been generally positive recently. Bitcoin has again attracted attention with an increase of almost 120% since the beginning of the year. According to its technical analysis, oscillators are giving a buy signal. The Average Directional Index is 17.67 over 14 periods, indicating a trend strength.
Looking at the trend, Bitcoin shows a strong relationship with the moving averages. The Moving Average Rating is indicated as strong buy. Also, the price is trading close to the 52 week high. This could indicate a long term uptrend. However, the volatile nature of cryptocurrencies brings risks. The 34.500 Dollars support level and the 38.000 Dollars resistance level are important. Although the trend is pointing upwards, caution should be exercised in the market after the massive sell off in 2022. As we say goodbye to 2023, I can say that the change in the Bitcoin price is positive.