Bitcoin $BTC Price Outlook: Slightly Bearish
|$BTC Price Change|
Wall Street’s most prominent Bitcoin forecaster has given up forecasting Bitcoin https://t.co/ndrJ7KrDGT
— Bloomberg Crypto (@crypto) December 20, 2018
Wise words from a wise man. pic.twitter.com/62XrAv0njx
— Ameer Rosic (@AmeerRosic) December 18, 2018
The Bitcoin weekly trend is up. It’s been about four months since we last saw a clear weekly uptrend. The Christmas rally kicked off on the fifteenth of December this year, and we saw large gains, with green daily candles everyday. Except yesterday.
Yesterday December 20 2018 bitcoin registered its first daily red candle since the rally began.
[Trend is "up" when the weekly price movement is predominantly upwards.]
Real Time Market Depth
[The real time market depth is a fractional representation of the order book, used to assist in determining market direction.]
Tap / click to zoom:
On the second day of the rally we saw the Asian and European trading sessions sell heavily, while the onset of the American trading turned the price around for an overall daily gain. This evolved into three more days of gains. The American trading push is suggestive of more Santa support in America than overseas. It didn’t materialize yesterday though, as prices dipped lower. Again today in the thick of the American trading market, we see prices falling.
Moving Average Convergence Divergence (MACD)
The MACD on the two hour chart is bearish. There’s been a total of eight two-hour sessions on the two hour chart where the signal has been bearish, and no green.
Exponential Moving Averages (EMA)
On the two hour chart the short term EMA(7) is above both the medium EMA(25) and long term EMA(99), and pointed south. While flying over the medium and long term EMA is a bullish state resulting from the recent rally, pointing downwards is a bearish indicator.
Relative Strength Index (RSI)
The Relative Strength Index on the one hour chart is 36.3. This is a neutral state.
While technically neutral, the RSI has been descending and is nearing an oversold state, and is pointing down.
Bitcoin $BTC Price Outlook
- the Bitcoin $BTC price outlook is slightly bearish
- if the price finds acceptance at higher levels the immediate resistance prints at $4070.99
- if the price finds acceptance at lower levels the immediate support prints at $3792.00
Analysis Duration: twelve hours
This report is for a short term price outlook duration of twelve hours.
The author holds Bitcoin $BTC at the time of writing.
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