Bitcoin Technical Analysis (BTC/USD) Friday, December 7, 2018

We’re at the weekend session while the price of Bitcoin reported a loss of 1.11% since its last fall, at this time the price is quoted at $ 3390 with high probabilities of touching the $ 2900 during the weekend session as it is when there is less volume of investment in the crypto market.

In recent days there has been a great crisis and uncertainty among investors, recently the lawsuit against Roger Ver for the possible manipulation of the BCH network makes many investors think that BTC may be exposed to this type of manipulation; we also have the BITCOIN SV climbing suspiciously and even surpassing BCH during yesterday’s session.

Key Highlights

  • Market confidence is very low at this time
  • SEC postpones SolidX ETF
  • Selling force dominates the session

Analyzing the graph of the BTC / USD pair in one-day time, we can see how the value has experienced a new fall from $ 3700 to $ 3390 with high probabilities of breaking the line of $ 3000 and inclusive there is already talk of support in the $ 1500 which would be the lowest price of BTC during 2018.

The EMA 9/26 mobile averages are moving further and further away, while the RSI is at 24%, which means that it can reach up to 8%, dragging the price well below $ 3000.

At this time, those who do trading should wait for the market to present a more positive impulse, since opening a long operation is an almost certain loss.

BTC/USD time frame 1 day

Technical indicators

  • Moving averages EMA 9/26 bassist
  • RSI (relative strength index) 24%
  • $ 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.