Bitcoin Price Technical Analysis (BTC/USD) Sunday, November 25, 2018

During today’s session Bitcoin moves below $ 3750 after experiencing a drop of more than 6% since its last support. I am worried that the EMA 9/26 moving averages remain very distant while the RSI stays just at 20% which allows a new fall to be possible.

As we mentioned in Friday’s analysis, Bitcoin is in a strong correction due to distrust in the market, the cancellation of Bakkt for January 2019 has been part catalyzing that allowed this new fall. The main problem is the high speculation with which BTC has been negotiated in recent months, leaving aside the adoption as a means of buying and selling.

Key Highlights

  • Bitcoin under $ 3750 looking for support in the $ 3000
  • High speculation in the market and distrust
  • Moving averages EMA 9/26 bassist

Analyzing the BTC / USD chart in a one-day timeframe, we can appreciate the bearish movement that has been key in today’s session allowing the bears to take over the movement of the BTC. Keep in mind that, Bitcoin in recent months has been subject to high speculation while adoption is something that very few traders have followed.

The creation of Hard Fork leads to the “creation of non-existent money” something that is not well seen by many investors as it opens a door to corruption as seen in traditional market media.

From the technical level there is not much to say, Bitcoin remains under a strong downward trend which is presented since the beginning of 2018. We can see how the purchase volume has drastically reduced while, the interest of users towards this asset it is -90% compared to 2017.

BTC/USD time frame 1 day

Bitcoin is looking for the new support in the $ 3000; if the support is broken we can see a BTC around the $ 1500 before the end of the month.

 

Technical indicators

  • Moving averages EMA 9/26 bassist
  • RSI (relative strength index) 20% lateralized
  • $ 3000 support
  • $ 5000 resistance

 

Disclaimer

This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.