Bitcoin Technical Price Analysis (BTC/USD) Tuesday, December 4, 2018

During today’s session the Bitcoin price experienced a slight increase of + 3.17%, raising the price above $ 3900. Bitcoin is still under bearish pressure so at this time it is not a good option (personal opinion) to trade. On the other hand for those who are doing Hold is an interesting opportunity to save BTC at an economical price.

Key Highlights

  • Bitcoin recovers 3.17%
  • BTC under a lot of downward pressure
  • Economic purchase opportunity

When analyzing the BTC/USD chart in a one-day period, we can see how BTC remains below the resistance in the $ 5000. The truth is that BTC has not been able to successfully reach this resistance, let alone sustain it.

In a complicated scenario for traders an interesting opportunity is presented for those who make HOLD since BTC is in one of its most economical prices of 2018. It must be taken into account that, 2019 is a year with many events for BTC among the most important the entry of ETFs.

Currently BTC is lateralized, we can see the EMA 9/26 moving averages that have had the strong fall in addition to the RSI touching 40%. This could lead us to a new correction which could touch the $ 3000 however this will depend on the movement that the BTC takes in the next few days, for the moment we need to break the $ 5000 with a high volume level.

BTC/USD time frame 1 day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (Relative strength index) at 40%
  • Support $ 3600
  • $ 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.