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

During today’s session the price of Bitcoin seems to be recovering ground to increase more than 5% raising the price above $ 3500 dollars, a boost that has attracted the attention of investors causing a surge of purchase at least for now.

The strongest resistance for the BTC is in the $ 5000 so it is important to note that we can still see a recession up to $ 3000, we must be careful with this type of movements since on other occasions traders have trapped many traders at the moment of the correction.

Key Highlights

  • Bitcoin recovers more than 5%
  • RSI approaches the 50% level
  • The level of momentary optimism increases

Analyzing the BTC / USD chart in a one-day timeframe, we can see how the price of Bitcoin has found a bullish momentum in the last few hours stopping the fall we had experienced and which was expected to hit the $ 3000 support during today’s session.

At this time the EMA 9/26 moving averages continue in a bearish area, so Bitcoin must overcome the resistance in the $ 5000 to experience a real improvement in the price. The purchase volume level of BTC has increased allowing the bulls to take over the session for the second consecutive day.

BTC/USD time frame 1 day

The current crypto market is at $ 115, 095, 473,419 a fairly low number compared to the figures at the beginning of 2018.

Technical indicators

  • EMA mobile medium 9/26
  • RSI (relative strength index) 40%
  • Support $3000
  • Resistance $5000

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.