Bitcoin Technical Analysis (BTC/USD) Monday, December 17, 2018

Today’s session advances with the price of Bitcoin reporting a significant recovery of more than 6.41% raising the price above $ 6400 dollars at the time of writing this analysis. BTC tries again to break the resistance in the $ 3,500 and to resist.

We can see a bullish candle which attracts the confidence of investors allowing the purchase volume to rise significantly, while the RSI rises above 35%.

Key Highlights

  • EMA 9/26 moving averages are in a positive area
  • Purchase volume slightly better than yesterday
  • BTC could have a rally towards the $ 4000

Analyzing the graph of the BTC / USD pair in a one-day period, we can see how the BTC reports a slight improvement against the USD. The moving averages also report a slight improvement in which we can see the fast moving average of 9 periods with a slight deviation towards the upside.

Keep in mind that BTC is still in a bearish area, we need to be cautious about the investments we are going to make at this point. Here the advisable thing would be to hope that BTC breaks the $ 3500 to analyze a possible long entry with target in the $ 3700.

For those who invest in trading, an interesting long-term opportunity is being presented, since by breaking the $ 3,500 we can even reach $ 4,000 this due to the positive market sentiment experienced during today’s session.

BTC/USD time frame 1 day

Technical indicators

  • Mobile averages EMA 9/26
  • RSI (Relative strength index) 35%
  • 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.