Bitcoin

Bitcoin $BTC Price Outlook

@KittyBitcoin logo
December 04 2018 05:38 UTC
Bitcoin has lost -4.48% or $-180.63 in twenty-four hours. In this Tuesday Edition find $BTC price action, trend, technicals and more. Or jump right to the 24 Hour Bitcoin $BTC Price Outlook.

 

Price Action

The price of $BTC has fallen over twenty-four hours. The last price at press time is $3855.00. In Binance moderate volume trading the daily change is -4.48%, or $-180.63:
$BTC Price Change
period % $
24 hours -4.48 $-180.63
7 days -0.53 $-20.63
1 month -40.56 $-2630.85

Promoted

Trend

trend is SIDEWAYS

The Bitcoin weekly trend is sideways. Today’s last price of $3855.00 is close to the opening price of $3875.63 one week ago. This places $BTC into a seven day sideways trend, with major deviances both ways. The weekly high was $4450.36 and today’s low of $3827 is the weekly low. Going back a few more days we see the yearly 2018 low of $3652.66 on November 24 2018. Nonetheless the current seven day range may be categorized as a sideways price movement.

 

Trend is "sideways" when there is no clear weekly price movement in any direction.

Chart

Tap / click to zoom:

chart-btc-usdt-4hourcandles-2018-12-03

 

Remarks

$BTC has been struggling to maintain a $4000 bitcoin and price has slid below that mark (again) two days ago.

G20 news reports suggest major government players will collude to impose more regulation on cryptocurrencies. This has never been good news. The usual outcome of such news is lower prices.

Coupled with the dismal news are $BTC confirmed transaction totals, which have been heading south. Blockchain.com data shows the total confirmed transactions for bitcoin have been headed deeply south since mid November 2018. This transaction activity is bearish, as it indicates a decreasing level of demand.

Blockchain.com Confirmed Bitcoin Transactions per Day: One Month

https://www.blockchain.com/charts/n-transactions?timespan=30days&daysAverageString=7

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the four hour chart is bearish.

Exponential Moving Averages (EMA)

period average
7 day $3922.46
25 day $4043.89
99 day $4469.59

The short term EMA (four hour chart) is below both the medium and long term EMA, and pointing south. This is a bearish state.

Relative Strength Index (RSI)

The Relative Strength Index on the one hour chart is 33.7. This is a neutral state.

24 Hour Bitcoin $BTC Price Outlook

bearish

  • the twenty-four hour Bitcoin $BTC price outlook is bearish
  • if the price finds acceptance at higher levels the immediate resistance prints at $3927.00
  • if the price finds acceptance at lower levels the immediate support prints at $3827.00

 

Resistance levels: $3927.00 $4066 $4275
Support levels: $3827.00 $3652 $3580

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its analysis period.

 

Reality Check

Comparing our outlook with independent results from Investing.com shows:

Asset: Bitcoin $BTC
Time Period: Daily
Summary: strong sell
Moving Averages: strong sell
Technical Indicators: strong sell

 

Disclosure

The author holds Bitcoin $BTC at the time of writing.

About @KittyBitcoin

KittyBitcoin logo

@KittyBitcoin has provided timely and informative blockchain intelligence since 2014. Request your custom content today, browse @KittyBitcoin on Twitter® or visit the KittyBitcoin.com website.

KittyBitcoin supplies blockchain intelligence on http://kittybitcoin.com, on industry leading websites, and through white label channels since 2014. Follow @KittyBitcoin on Twitter®.
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