Bitcoin

Bitcoin Market Report: $BTC Bearish

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December 30 2018 05:33 UTC

 

Bitcoin has lost -2.81% or -107.93 USDT in twenty-four hours. In this Sunday 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 3730.04 USDT. In Binance light to moderate volume trading the daily change is -2.81%, or -107.93 USDT:
$BTC Price Change
period % USDT
24 hours -2.81 -107.93
7 days -5.08 -199.67
1 month -13.17 -565.68

News

Trend

trend is DOWN

The Bitcoin quarterly trend is down. The trend has been down since the peak of $19,798.68 on December 17 2017. That’s more than twelve months of mostly bear market. In all fairness there have been several multi day rallies. The end result to date is still a continued downtrend.

[Trend is "down" when the quarterly 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 assist in determining market direction.]

Chart

Tap / click to zoom:

btc-usdt-binance-one-week-candles-2018-12-29

 

Remarks

Bitcoin is in a multi month descending trend with lower highs and lower lows. Although $BTC has had some very good days, overall the trend is down.

Normally much shorter term data points would be used for a shorter term analysis like this. Since this is the last Bitcoin $BTC report for the 2018 year, the weekly chart was used to portray the wider perspective.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the one day chart is bullish. The one week MACD is bearish.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 4190.99
25 day 5681.19
99 day 6403.45

Using the weekly chart for EMA illustrates how the last price of $3730.04 is so much lower than all (3) of the EMA averages: short, medium and long term. The angle of descent is moderately steep.

[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 day chart is 46.8. This is a neutral 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 major resistance prints at 4198
  • if the price finds acceptance at lower levels the major support prints at 3156
Resistance levels: 4198 3892

Support levels: 3156 3658

 

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: six hours

This report is for a short duration of six hours. Analysis is time sensitive.

[Analysis duration yields a “best before date”, calculated from report generation at December 30 2018 05:33 UTC.]

 

Independent Comparison

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

Asset: Bitcoin $BTC
Time Period: Monthly
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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