The Bitcoin price closed at $16,966 yesterday after reaching a daily high of $17,430. The cryptocurrency attempted to break the $17,000 resistance level throughout the day and into today but has so far failed to pull above the important level convincingly. Currently sticking very close to the $17,000 mark, Bitcoin is once again back in the $16,800 to $17,300 range as traders look for its next move.
Bitcoin Price Prediction and Technical Analysis
Relative Strength Index (RSI)
Sticking within the range of RSI 46.45 to RSI 49.42 for the past week, Bitcoin is currently at RSI 47.91. An RSI 50 breakout is needed for a signal that the market is finally doing a trend reversal.
Moving Average Convergence Divergence (MACD)
While the moving averages are still in a bullish crossover, meaning the trend is still positive, traders must be cautious because the separation between them has been slowly diminishing for two days as observed in the histogram. If this pattern continues, there is a possibility of the moving averages crossing once again indicating a possible bearish short-term move.
Supports and Resistances
With the fib 0.236 level still holding, $16,800 is the immediate support for bitcoin. Should this area be broken, the next support could be at the fib 0.618 area of $16,170, followed by the lower part of the range at $15,400 to $15,700.
If the price successfully breaks out from $17,300, the next possible resistance is at the area of $17,600 to $17,800 with multiple confluences of previous resistances, the Fibonacci extension level, and the daily EMA 50 making this an area of significance.
Bitcoin Fundamental Analysis
Goldman Sachs to Spend Millions to Acquire Crypto Companies
JUST IN: Goldman Sachs, $GS, plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest, per Reuters.
— unusual_whales (@unusual_whales) December 6, 2022
In a bullish sign for the mainstream adoption for crypto, Goldman Sachs is looking to buy cryptocurrency businesses, according to Reuters, with the bank seemingly acknowledging the important role of cryptocurrencies in future financial systems.
3 Altcoins Expected to Flourish Heading Into 2023
Bitcoin’s price has been a downward trending roller coaster ride in 2022, with traders unsure of which direction the cryptocurrency will take going into 2023. Seasoned traders know that it’s time to start buying when prices go down and to diversify your portfolio into promising future projects that will take off in the next bull run. Only projects with strong fundamentals should be invested in, however, which means they should have valid use cases, solid teams, and clear financial backing and interest from investors. Three such projects detailed below include D2T, TARO, and RIA.
Dash 2 Trade (D2T)
Those looking to capitalize on the FTX fiasco should consider investing in the promising crypto trading platform Dash 2 Trade, which will help investors avoid scam projects and invest their money wisely. What makes Dash 2 Trade unique is its focus on community and social insights. It also offers a number of features that are best-in-class in the crypto industry, including a presale analytics tool, strategy backtesting, technical indicators, and social trading.
#D2T CREW!
Join the Dash 2 Trade community and be the first to learn about our upcoming initiatives!
Connect With Us!
Telegram – https://t.co/f3cXn8AbVu
Discord – https://t.co/wSYdI7tezA pic.twitter.com/MO5GWr0Cx2— Dash 2 Trade (@dash2_trade) December 6, 2022
Dash 2 Trade is currently holding a token pre-sale at bargain prices, with sales of D2T tokens recently surpassing $8.7 million. The price per token will be increased to $0.0556 from $0.0533 when the sale moves to the next stage any time now.
An update from the project notes that the product development is ahead of schedule and the presale dashboard will launch soon.
Robot Era (TARO)
RobotEra is a gaming platform that offers in-game rewards for players who explore and rebuild the destroyed planet of Taro. The game is unique in that it doesn’t require any coding knowledge to create and customize the NFT-based robot companions used throughout gameplay. This makes it suitable for gamers of all skill levels.
Players in RobotEra make an earning by completing quests, community events, and other functions. They could also generate money by renting spaces on billboards or structures within the game world and hosting events that have a fee to enter.
Come 2023, AR and VR will be fully integrated into RobotEra. With countless features that allow players to create and earn from their own in-game worlds, the game is poised to make waves in the coming year.
The RobotEra presale has already raised over $391,000, and it is quickly gaining speed to complete stage 1, when the token price will increase in stage 2 from $0.020 to $0.025 per token.
Calvaria RIA
Calvaria is a fast-paced battle card game that tests your strategic skills. Players compete in tournaments for prizes, new cards and resources, and more tokens. Meanwhile, investors can stake their coins to earn rewards over time and use them to vote on what the future direction of the platform should be.
Not only does Calvaria incentivize players for winning matches, but it also rewards them for participating in and contributions to the game ecosystem, according to Calvaria’s whitepaper. Calvaria’s current presale stage, Stage 5, is 71% complete and has raised $2.25 million so far out of the total goal of $3 million.
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