Bitcoin Technical Analysis (BTC/USD) Sunday December 9, 2018

Europe trading session has started while Bitcoin price reports a slight recovery of 0.71% raising the price above the $ 3425 hours before the price of the BTC was touching its lowest point in the $ 3200 however it has failed to break the line of support in the $3000.

We must bear in mind that, we are under the effects of a bear market caused mainly by the large regulations that have fallen on the BTC which has caused the cancellation of projects as well as the cancellation of the ETFs for 2018 by the SEC.

Key Highlights

  • Bitcoin reports a slight recovery of 0.71%
  • Delay of ETFs for 2019 cause’s crisis
  • Low purchase volume

Analyzing the graph of the BTC/USD pair in a one-day period we can see how the market volume has decreased during the session on Saturday and Sunday, we could categorize it as a session under the domain of the bears although BTC has increased by 0.17% rising above $ 3400.

We see how EMA 9/26 moving averages are approaching what could be a new downside crossover, this could bring the price of BTC to touch the $ 2800, otherwise we see the RSI below 50%, something that is not encouraging for investors, mainly for traders.

At this time we have a picture that paints the arrival of BTC to $ 3000 before we see a possible pullback. It is not advisable to open operations at this time as they would be categorized as high risk.

BTC/USD time frame 1 day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (Relative strength index) 35%
  • $ 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.