Bitcoin Analysis for 2019-12-30 [Premium Analysis]

Bitcoin Analysis for 2019-12-30 [Premium Analysis]
фото показано с : beincrypto.com

2019-12-30 12:55

\n

The Bitcoin price is possibly trading inside of a descending triangle. The short-term outlook is bearish, while the medium- and long-term ones are neutral and bullish, respectively.

Bitcoin Price Highlights The Bitcoin price has yet to reach a weekly close above resistance. It is following a descending resistance line and possibly trading inside a descending triangle. There is minor resistance at $7440 and $7540. A breakdown below the 100- and 200-hour MAs would confirm the short-term bearishness. Weekly Bitcoin Outlook

The weekly chart reveals that the Bitcoin price has yet to close above the $7400-$7600 resistance area, from which the price broke down in late November.

However, the price has created two large bullish candlesticks, while the succeeding bearish ones have been smaller. Based on this alone, we can assume that the bulls have more strength and the price will break out once the selling resistance dissipates.

The price has seemingly found support above the 100-week moving average (MA) but is still trading below the 50-week one.

Resistance Line

Looking at the daily chart, we can see that the Bitcoin price is following a descending resistance line. Its slope is uncertain due to the presence of several long upper wicks.

This resistance area is strengthened by the 50-week MA. A breakout above this line would take the price to the $7800-$7900 area, which marks the high reached on November 29.

Also, looking at this line in the context of the trading range, it falls slightly below the top of the range at $7600. Therefore, if the Bitcoin price keeps following it, it will not reach the high of nearly $7600 again.

Additionally, while the support line has yet to be validated sufficient times, it is possible that the Bitcoin price is trading inside a very long-term descending triangle with a bottom near $6600.

Short-Term Movement

The short-term chart reveals yesterday’s fake breakout. The price moved above the $7440 resistance area, which coincides with the 0.618 Fib level and moved to the next resistance area at the 0.786 Fib level.

Once it got there, the price created a bearish engulfing candlestick and proceeded to move downward. The fact that the price failed to sustain the higher post-breakout levels suggests that it will move down towards the bottom of the range at $7160.

For this to occur, the Bitcoin price would have to decrease below the 100- and 200-hour MAs, which have made a bullish cross. This would indicate that the short-term upward move that began on December 27 has ended.

To conclude, the Bitcoin price initiated a failed breakout late last night. The price is in the process of decreasing and possibly trading in a long-term descending triangle.  A movement below the 100- and 200-hour MAs would suggest that the price is in the process of moving towards the bottom of the range.

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

The post Bitcoin Analysis for 2019-12-30 [Premium Analysis] appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 95746.87 (+0.07%)
Объем 24H $22.679b
Изменеия 24h: -0.65 %, 7d: -0.54 %
Cегодня L: $95202.86 - H: $96414.76
Капитализация $1898.503b Rank 1
Цена в час новости $ 7220.65 (1226.01%)

bitcoin price analysis respectively highlights bullish neutral

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


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