Over the previous three days, regardless of that many of the merchants are off on trip, we may see a nonsense trading across the $7200 BTC mark.
The following each day chart tells the short-term story: all through the month of December, Bitcoin can’t recover from the inexperienced resistance line – together with the newest tryout two days in the past at $7430.
From beneath, regardless of one fake-out which obtained shortly corrected, the yellow ascending trend-line is supporting Bitcoin since April 2019. The final try of the road befell simply yesterday (~$7070), along with a horizontal help line (marked pink on the next each day chart).
The Short-Term Prediction
Two attainable situations for the approaching week, as I see it from right here: The bearish one – Bitcoin continues to construct up one other bearish triangle, which is able to break along with the $7000 help.
The different short-term prediction is a breakout of the inexperienced resistance line, and a retest of the long-term yellow descending trend-line round $7700 – $7800. This may additionally flip into a large inverse head and shoulders in case of a bullish breakout.
Final days of 2019: December’s candle will shut in three days, in case the value of Bitcoin will likely be above $7560, then the month-to-month candle will shut inexperienced. That would make two consecutive inexperienced candles on the month-to-month. This would flip right into a Hammer candle, which is step one for a bullish worth reversal.
Total Market Cap: $193.5 billion
Bitcoin Market Cap: $132.7 billion
BTC Dominance Index: 68.6%
*Data by CoinGecko
Key Levels to Watch
– Support/Resistance: Looking on the 4-hour chart, there’s a bullish signal which may come within the type of a Golden Cross – The MA-50 (pink line) is about to cross above the MA-200 (mild inexperienced). Don’t get too enthusiastic about this Golden Cross, it’s solely the 4-hour timeframe.
Despite the above, Bitcoin may overcome the $7300 – $7400 important resistance, which incorporates the talked about descending inexperienced trend-line from the each day chart.
The subsequent resistance stage is the 50-days transferring common line (at present lies round $7570), earlier than reaching the $7700 worth stage.
From beneath, the primary stage of help is the $7200, adopted by the mid-term ascending trend-line (yellow on the each day chart), together with the horizontal help of $7000 – $7070.
– The RSI Indicator: There is a slight bullish divergence on the RSI; nonetheless, nothing is critical because the indicator nonetheless trading across the 44-45 confluence stage.
– Trading quantity: The latest days’ quantity ranges are removed from the month-to-month highs. This could be defined due to the weekend and Holidays. Be conscious that the market is simple to control as a result of low quantity.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
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