Bitcoin Analysis for 2019-12-24 [Premium Analysis]

Bitcoin Analysis for 2019-12-24 [Premium Analysis]
фото показано с : beincrypto.com

2019-12-25 19:20

\n

Since December 18, the Bitcoin price has increased by 20 percent. However, the rally ended yesterday at $7715 and the price is in the process of retracing towards support.

Bitcoin Price Highlights The Bitcoin price failed to reach a close above the resistance area. It is possibly in the process of validating the previous descending resistance line. The price was rejected by the 50-day moving average. Bitcoin’s Failed Rally

The Bitcoin price continued its rally yesterday and reached a high of $7715. The rally failed and the price created a bearish candlestick with a long upper wick. The price failed to reach a close above $7600, the last minor resistance area.

Volume on the ensuing decrease was the highest since the December 18 upward move, indicating that the price might be in a short-term correction. Currently, the price is heading for the next minor support area at $7200.

The rally had shown weakness prior to the decrease, creating bearish divergence in both the RSI & the MACD. However, the divergence was only present in lower time-frames — somewhat reducing its significance.

It is entirely possible that the current downward move is an attempt to validate the previous descending resistance line.

There is a point of convergence between the next minor support and the previous descending resistance line, which would be a very likely place for a reversal. It is found near $7200.

Daily Outlook

The daily outlook reveals that, despite the December 18 massive price increase, BTC is still facing strong resistance — most recently from the 50-day moving average (MA).

Therefore, until it breaks out above $7800, we should still consider its outlook bearish.

To conclude, Bitcoin’s rally yesterday ended at $7715 and the price has decreased by more than five percent since. It is in the process of returning to validate the previous descending resistance line, after which we expect it to make another attempt at moving above resistance.

Good luck and happy trading! For our previous analysis, click here.

The post Bitcoin Analysis for 2019-12-24 [Premium Analysis] appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 105361.31 (+0.26%)
Объем 24H $52.784b
Изменеия 24h: 3.02 %, 7d: 3.63 %
Cегодня L: $103456.85 - H: $105516.53
Капитализация $2087.956b Rank 1
Цена в час новости $ 7222.67 (1358.76%)

bitcoin price analysis retracing towards support process

bitcoin price → Результатов: 126


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30


Bitcoin Price Alert: Expert Warns Of Upcoming 25% Drop, Timing And Trends Explained

After reaching a new all-time high of $99,600 last Friday, the Bitcoin price has retraced to the $94,000 mark for the first time in nearly a week. This pullback comes amid growing speculation about a possible correction following a massive three-week uptrend that saw the leading crypto surge by 40% after Donald Trump’s election on November 5.

2024-11-26 10:30