Bitcoin

Bitcoin $BTC Market Report: Bearish

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December 15 2018 00:20 UTC
Bitcoin has lost -1.95% or -64.4 USDT in twenty-four hours. In this Weekend Edition find $BTC price action, trend, technicals and more. Or jump right to the Bitcoin $BTC Price Outlook.

 

Price Action

The price of $BTC has fallen over twenty-four hours. The last price at press time is 3235.03 USDT. In Binance light to moderate volume trading the daily change is -1.95%, or -64.4 USDT:
$BTC Price Change
period % USDT
24 hours -1.95 -64.4
7 days -4.95 -168.54
1 month -45.33 -2682.17

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Trend

trend is DOWN

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

The real time market depth is bearish.

 

[The real time market depth is a fractional representation of the order book, used to help gauge market direction.]

 

Chart

Tap / click to zoom:

btc-usdt-binance-four-hour-chart-2018-12-14

 

Remarks

We haven’t seen any significant indication that the price will turn around, while we do have indications that the price will continue its decline.

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.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the four hour chart is bearish.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 3274.57
25 day 3361.26
99 day 3733.79

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.

[EMA is a type of moving average that weights recent price fluctuations more, yielding a better short term signal]

 

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.

[RSI is is a momentum indicator that measures the magnitude of recent price fluctuations to determine an overbought or oversold state]

 

Bitcoin $BTC Price Outlook

bearish

  • 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
Resistance levels: 3255 3435 3658

Support levels: 3177 3000 2817

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its short term analysis period.

 

Independent Comparison

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

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

 

Disclosure

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

About @KittyBitcoin

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