Bitcoin

Bitcoin $BTC Price Outlook: Slightly Bearish

@KittyBitcoin logo
December 21 2018 20:29 UTC

 

Bitcoin has lost -4.36% or -174.61 USDT in twenty-four hours. In this Winter Solstice 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 3832.98 USDT. In Binance moderate to heavy volume trading the daily change is -4.36%, or -174.61 USDT:
$BTC Price Change
period % USDT
24 hours -4.36 -174.61
7 days 18.85 607.79
1 month -17.77 -828.1

News

Trend

trend is UP

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 strongly bullish.

 

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

Chart

Tap / click to zoom:

btc-usdt-binance-two-hour-candles-2018-12-21

 

Remarks

The Christmas rally peaked at $4139.99, and then registered one day of red, after just a five day rally. $BTC is in an upward channel (daily chart) despite an unfavorable short term MACD and the recent decline. The daily RSI is approaching oversold. If it becomes so, then the general trend upward may resume.

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.

 

Technicals

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.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 3930.64
25 day 3894.51
99 day 3642.50

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.

[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 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.

[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

slightly bearish

  • 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
Resistance levels: $4070.99 $4139.99 $4450.38

Support levels: $3792.00 $3635 $3156.26

 

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 duration.

 

Analysis Duration: twelve hours

This report is for a short term price outlook duration of twelve hours.

[Analysis duration is the “best before date”, calculated starting from the time of report generation at December 21 2018 20:29 UTC. Analysis is time sensitive. Projections or forward looking statements exceeding the analysis duration may hold less or no validity.]

 

Independent Comparison

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

Asset: Bitcoin $BTC
Time Period: 5 Hours
Summary: buy
Moving Averages: neutral
Technical Indicators: strong buy

 

Disclosure

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

About @KittyBitcoin

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@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.

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