17. December 2017 09:53 GMT – Starting about 15:00 GMT yesterday, the buy-sell activity in the BTC-USD exchange rate increased markedly. This contributed some stabiity to the price, and this reinforced the earlier increase above $18k. The price increased to above $19k at about 19:15 GMT and stabilised at about $19’300 since about 03:00 GMT. There were some excursions below $19k but also some above $19’500 during this period.
18. December 2017 07:38 GMT – There was a flurry of activity between midnight and 02:30 GMT this morning, and the sellers were stronger. The band of activity is now centered at about $18’800 and is wider than before +/- $500 or so.
19.December 2017 13:28 GMT – For the rest of the day yesterday and overnight, the exchange rate stayed reasonably level – running between $18’800 and $19’000 with very little trading. But at about 09:30 GMT this morning, it appears that a large holding was sold on a scheduled program. There was purchasing as well, also with a planned look (programmed reaction?), and these two programs knocked the price down to as low as about $17’400. It has since recovered to about $18k where it appears to be levelling out, but this is only over a 1 hour span so far.
What’s In The Future for 2018?
Where do we go from here? I expect that the price will approach $20k during the next few days, but I also expect some resistance above $20k. I think there will be a lot of sellers who have set $20k – or a little below or above that – as their sell point and will take their profits before the holidays and the end of the year. For 2018, I expect some additional resistance at the beginning of the year with sellers locking in USD profits for the new year. Within a few weeks I predict a resumption of the strong upward trends that we saw in the last quarter of 2017.