2018-11-20 17:44 |
Bitcoin has continued its bearish movements and broke through several important support levels. Yesterday, Bitcoin broke through the key $5000 level and continued today to break below the anticipated support at $4600.
As 2018 comes to its conclusion, Bitcoin accelerates the bearish movements that we have seen all year. Daily RSI is at a historic low. The MACD diverges steeply to the downside with strong seller momentum. This time of last year saw some huge increases as price began to increase parabolically
We are seeing the opposite side of these movements this year with the price decreasing from opening around $5500 yesterday to a low around $4200 today. The prices have been decreasing on large amounts of volume showing strength behind this move.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly shows price is currently starting to move back up slightly. A return to sharp declines has followed all the recent attempts of this. The low of 2018 that formed today is around $4225, and the price is currently trading around $4400.
Bitcoin Hourly Chart – Source: Tradingview.comIn terms of support levels, $4000 would typically be considered a key support level with it being a key psychological number. After price action dropped so quickly past $5000 yesterday, it is questionable whether we can even consider this to be supported. If the price falls below $4000, $3000 should definitely be considered support being both a key area of trading in 2017 and an important psychological number. This is also the point where the weekly 200 EMA trades.
Bitcoin Weekly Chart – Source: Tradingview.com Key Takeaways: Bitcoin continues bearish movements and breaks below several key support areas. Momentum is strong on the side of sellers with large amounts of volume being behind this move and RSI trading at historic lows. $4000 is a questionable support level but $3000 should be a key support level with the 200 weekly EMA trading here, it, being a round psychological number, and a past area of important trading activity. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Where Is the Bottom for Bitcoin [BTC]? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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