And it still is, so welcome to this new Technical Analysis of Dec 7.
Bitcoin is consolidating on the range $19,000 - $19,350. There is a resistance level of $19,370, while a strong support level is formed at the $18,300 - $18,700. As for the indicators, MACD is in a neutral stance without a clear signal. This goes for RSI, too, except there is a divergence on the four-hour chart. Currently trading at $19,353 (08.12 AM UTC), its dominance is at 61.72% and its daily volume is at $21.6 billion.
There are two possible moves. The first is to break the support level, falling to the next strong one at $16,000. Then is should rebounce and be back at $19k with better momentum for higher. On the other hand, it could try to break the resistance level starting to move higher. But the real test will be the $19,600 level. I think that the price should be above this level so we can talk about a new all-time high.
Unfortunately, this kind of behavior is not helping altcoins either. At least against Bitcoin, as there are some projects that have uptrend momentum or growing in general, so to speak, but not against bitcoin. A sudden - either way - move could destroy many plans and give losses.
So, right now I don't think that there is such a thing as the right decision. Bitcoin seems as it is resting, after a bad day at the office, and even if the short term signs are not that clear, the long term - the so-called bigger picture - is still bullish. Still in an uptrend that can and will find its right position.
Conclusions?
None. At least not yet. The weekend's "trend" of going nowhere will continue a bit, but in the end, I think that Monday will show the way. Trading now is riskier than ever and I would consider low volume, only spot trading with tighter stop loss.
Thank you for reading. Please like/tip/spot/upvote, comment and share!
This is my own content and I will cross-post it at Publish0x, Cent, Hive, and read.cash
Follow Me Also:
- https://www.publish0x.com/@LeaderIcarus
- https://beta.cent.co/LeaderIcarus
- https://read.cash/@LeaderIcarus
- https://hive.blog/@leadericarus
If you want to join please use these affiliate links
- https://www.publish0x.com?a=zPdy7g7aQr
- https://read.cash/r/LeaderIcarus
- https://minergate.com/a/d8603d585d0bdbc115045ac5
- https://www.binance.com/en/register?ref=RFCDTZ1B
Disclaimer
- The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
- Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
- Nothing in the article constitutes professional and/or financial advice.
- You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other Content before making any decisions based on such information or other Content.
- You agree not to hold The Author, or the Article liable for any possible claim for damages arising from any decision you make based on information or other Content made available to you through this article.
- There are risks associated with investing in securities. Investing in stocks, bonds, exchange-traded funds, mutual funds, and money market funds involve risk of loss.
- Loss of principal is possible
- Some high-risk investments may use leverage, which will accentuate gains & losses.
- Foreign investing involves special risks, including greater volatility and political, economic, and currency risks and differences in accounting methods.
- A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance.
- The resource is not included, as I use more than one to verify. For more information, please search online.
- None of these are personal opinions, unless otherwise specifically and very clearly stated
- All product names, logos, and brands are the property of their respective owners.
- All company, product, and service names used in this article are for identification purposes only.
- Use of these names, logos, and brands does not imply endorsement
