Bitcoin $BTC Market Report: Bearish
|$BTC Price Change|
The Twelve Days of Christmas ☃️ (Blockpass Version)
On the first day of Christmas, a hacker stole from me…
And now he has my ID.
— Blockpass (@BlockpassOrg) December 14, 2018
The Bitcoin monthly trend is down. A firm and steep downtrend has been in place since November 13 2018 when the opening price fell off the cliff at $6458.98. This is no surprise, as it is a continuation of the multiple quarters downtrend which started in the week of February 25 2018. That’s over nine months of downtrend and counting. While we do see substantive price fluctuation, overall the highs and lows are lower in each cycle.
[Trend is "down" when the monthly price movement is predominantly downwards.]
Real Time Market Depth
Tap / click to zoom:
Taking a month long view we see bitcoin is down -45.33% or $-2682.17. The question is whether this may be recovered or not. Taking only the numeric component, historically this percentage amount has been easily recovered by bitcoin in numerous instances in its long history of volatility.
While some analysts believe there will be a “price correction” upwards, there is also the possibility that the $19,798.68 bitcoin we saw last December was manipulated – or a unique set of conditions – and the same set of inflationary conditions may not reappear, although others may – such as the finite cap on market supply. However inflationary influences are not present today and more declines – perhaps to the psychological barrier of $3000 or lower – are appearing to be likely based on today’s price outlook.
Moving Average Convergence Divergence (MACD)
The MACD on the four hour chart is bearish.
Exponential Moving Averages (EMA)
The EMA on the one hour chart has shown steep decline over most of today’s trading. Currently the EMA has flattened out somewhat, however the hourly price candle is red and descending.
Relative Strength Index (RSI)
The Relative Strength Index on the one hour chart is 37.6. This is a neutral state.
The RSI is sitting in the neutral area, however it has recently come up from an oversold state.
Bitcoin $BTC Price Outlook
- the Bitcoin $BTC price outlook is bearish
- if the price finds acceptance at higher levels the immediate resistance prints at 3255
- if the price finds acceptance at lower levels the immediate support prints at 3177
The author holds Bitcoin $BTC at the time of writing.
Reprinting without written permission is expressly prohibited, theft of intellectual property, and copyright violation.
KittyBitcoin media is licensed not sold. Copyright©KittyBitcoin.com 2018. All rights reserved.