Bitcoin Trend Series / EP. 751 / 11th Dec. 2018steemCreated with Sketch.

in #bitcoin • 5 years ago

Recapitulation

  • After forming a support around 3.260K, Bitcoin price climbed higher against USD, to settle between 3.400K and 3.600K, but Bitcoin Bear market is still far from over, so overall our bearish setup stands intact, conditioned by the price stability below 3.600K.

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Market Factors

  • Bitmain, the world’s leading bitcoin ASIC miner maker, is set to close its developmental center located in Ra’anana, Israel and lay off 23 employees, following the recent crash in the price of bitcoin and other cryptoassets, reported local news source, Globes on December 10, 2018.

  • Bitcoin’s poor performance has led to turbulence in the markets, the entrance of institutional investors throughout 2019 may help to lift the markets back towards their all-time-high prices.

Technical

  • The bearish trend is still suggested unless breaching 3.600K and holding above it.
  • We believe that the Bitcoin will witness strong buying in the 3.000K – 3.100K zone.
  • The bearish trend is supported by the negative pressure provided by EMA50.

Sentiment

The short term trend is Bearish

Support 1: 3260.000 level.
Resistance1 :3600.000 level.

Support 2: 3000.000 level.
Resistance2 :3860.000 level.

Expected trading for today:
is between 3000.00 and 3600.00.

Expected trend for today :
Bearish.

YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.

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Writing a series means playing a long game,
investing considerable time and effort up front in
hopes of substantial returns down the road.
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5 years ago in #bitcoin by
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     5 years ago 

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       5 years ago 

      based on btcstamp-dailychart I'm currently remaining neutral, daily still has its daily bullish divergence in rsi playing out. Daily TD9 is giving a buy signal but its not perfect so not to be trusted.. We are hovering just above previous support which is scary looking.

      If we will take out the previous low I will probaly return full bear, ideally for the bulls we should get a daily close above the 9 candle, thats alot to ask it seems at this point. We are currently on a price flip, its possible to stay here and slowly start creating a green 2 above a green 1 in the coming days.

      It's 50/50 atm until we get a confirmation from one side..

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