2018-12-13 17:24 |
Bitcoin Weekly Chart – Source: Tradingview.com
Bitcoin has held support around $3300 for the last week, a strong sign that the bearish conditions being seen over the past month may be losing their momentum.
Bitcoin did drop below the $3300 support level but rose back above on each occasion, failing to close below it.
If the price does drop and close below $3300 support, the next significant support level is anticipated to be $3000.
$3000 is both a key psychological area and an area of significant trading activity in 2017 as seen in the weekly chart above.
Bitcoin Daily Chart – Source: Tradingview.comAlthough price holding at the $3300 support area is a markedly more bullish scenario, it is going to take a significant shift in buyer momentum to increase the price from here.
The daily MACD and RSI have been gradually increasing showing that the momentum is starting to move towards buyers as confidence rebuilds.
The most bearish part of the current situation is that it only takes one significant drop from this point for price prospects to turn completely bearish and for sub-$3k levels to become a strong possibility.
Bitcoin Hourly Chart – Source: Tradingview.comThe hourly chart shows in closer the detail the interaction of price with the $3300 support level. There has been numerous touches and some drops blow which has recovered.
There has also been a series of higher lows forming an upward trendline reflective of the slightly more bullish conditions recently.
Key Takeaways: Bitcoin meets support at $3300. Although price action has dropped below, it has recovered each time. The next significant support level in the event of a drop below $3300 is $3000. A drop below $3300 makes sub-$3k levels a strong possibility. An upward trend line is forming on the hourly reflective of the more bullish recent price action. 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.Bitcoin [BTC] Price Holds Strong at Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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