Bitcoin Analysis for 2019-12-05 [Premium]

Bitcoin Analysis for 2019-12-05 [Premium]
фото показано с : beincrypto.com

2019-12-5 13:07

The Bitcoin price is trading inside a descending channel. It initiated a rapid upward move yesterday, which retraced completely afterward. Longer time-frames give a bearish outlook.

Bitcoin Price Highlights The Bitcoin price is trading inside a descending channel. It made a rapid upward move which retraced completely. There is resistance at $7,900. There is support at $7,000. The daily chart shows the validation of resistance.

Descending Channel

The Bitcoin price is trading inside a parallel descending channel. Yesterday, it initiated a very rapid upward move on the back of significant trading volume that reached a high of $7,900.

However, the price retraced by more than 100% and created a long upper wick. Volume was much during the downward move.

Resistance Validation

The daily chart looks extremely bearish. The price validated the resistance area at $7,900 which previously acted as support. Additionally, yesterday’s candlestick closed bearish and had a very long upper wick, indicating a great amount of selling pressure.

This suggests a continued downward move until BTC makes a lower-low close to the descending support line.

Trading Range

Besides the descending channel, we can see that the price is likely trading in a range between $7,000-$7,900. The lower-lows on Nov 25, which could not be sustained, was a catalyst for the ensuing upward move that led to $7,900.

It would be possible for the price to continue decreasing at the rate predicted by the channel until it reaches $7,000 before initiating an upward move.

However, due to the bearishness of the daily chart, it seems more likely that a breakdown will occur, which would take the price back to the lows of Nov 25 near $6,700.

To conclude, yesterday’s failed upward move has created a bearish sentiment which suggests that the price will make a lower low.

For our previous analysis, click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

The post Bitcoin Analysis for 2019-12-05 [Premium] appeared first on BeInCrypto.

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bitcoin price inside channel descending trading longer

Источник: beincrypto.com

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