Bitcoin Technical Analysis (BTC/USD) Monday November 26, 2018

During today’s session, Bitcoin price reported a slight decrease of 0.86% after a recovery of more than $ 190 during the Sunday session in the afternoon. Keep in mind that BTC still remains in a bearish area with a chance to hit $ 3400 again.

At this moment, uncertainty in the market is one of the main factors why the price of BTC has not managed to get out of this bearish area which has reached record lows during the 2018 session.

Key Highlights

  • Bitcoin under a strong downward trend
  • Mild recovery can bring a new fall
  • Uncertainty in the market the biggest problem

Analyzing the BTC/USD chart in a one-day period, we can see how the price of BTC experienced a slight recovery during the session on Sunday. However much of that force has been lost during Monday’s session.

Be careful with this type of “recoveries” because it can create a false illusion causing many buyers to be trapped in a new fall as has happened in previous movements.

We can see how the session is dominated by bears. The RSI remains lateralized at 20% while the purchase volume is not the best to think that the price can initiate a greater recovery.

The moving averages EMA 9/26 remain distant, which makes me think that Bitcoin has an adoption and uncertainty problem which does not allow a new bullish rally.

BTC/USD time frame 1 day

Technical indicators

  • Moving averages EMA 9/26 bassist
  • RSI (relative strength index) 20%
  • $ 3000 support
  • $ 5800 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.