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Bitcoin has moved historical ...

Bitcoin pushed its all-time high again and rolled back again
CONTENT

  • BTC resistance passes at $ 19,400.

  • Technical indicators began to give bearish signals.

  • Support is located at $ 16,040, $ 14,850 and $ 13,660.

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Bitcoin again renewed its all-time high on December 1, but then fell to $ 18,000. The market won back the lion’s share of losses, but it may sink again, and only after that it will potentially resume growth.

Bearish breakout of the parabola

Bitcoin (BTC) has been moving along the line of parabolic upward support since September 4, when the market started the growth phase.

On November 26, the price made a bearish breakdown of this line, but found support around $ 16,050 (0.382 Fib level of the correction of the entire bullish move) and then launched the current phase of strengthening.

Despite the fact that the BTC rate reached a new record high, during this growth the price only tested this parabolic line for strength as resistance, after which it retreated again.

Bitcoin has moved historical ...

In addition, the technical indicators on the daily chart are showing a bearish tone. RSI and MACD give signals of bearish divergence and at the same time are declining, while the Stochastic Oscillator has formed a bearish crossover.

In case of further decline in bitcoin, the nearest support will come into play around $ 16,040, $ 14,850 and $ 13,660 (Fibo levels of 0.382, 0.5 and 0.618 retracements).

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MTC schedule. Source: TradingView

What’s next

On the shorter-term chart, you can see the BTC deviation area (highlighted in red) above the resistance area at $ 19,400. After this deviation, the price pulled back. Now the market is trying to break above the $ 19,400 area again..

While near-term indicators are bullish, there are potential and as yet unconfirmed bearish divergence signals on the chart.

In this regard, the price behavior in the area of ​​the above resistance will be decisive for determining the further direction of the BTC rate..

In the event of a rebound (the most likely scenario), the pair may decline to Fibo levels of 0.5-0.618 correction, located in the region of $ 17,620- $ 18,050.

MTC schedule. Source: TradingView

Wave analysis

Long-term analysis has not been fully determined at the moment, however, the price dynamics of the last two days reflects the corrective structure A-B-C (orange), and now the market is inside wave B.

Wave B is represented by another wave substructure A-B-C (black). Now the market is in sub-wave C. It is expected to reach $ 19,750 (Fibo level 0.9 and resistance line of a potential parallel upward channel).

After that, the BTC rate may decrease again.

Bitcoin has moved historical ...

MTC schedule. Source: TradingView

Bottom formation levels depend on the top of wave B, however, as a preliminary target, we can highlight the area of ​​$ 17,646- $ 18,082 (Fibo levels 0.5-0.618 of the correction of the entire rise from November 26).

MTC schedule. Source: TradingView

Conclusion

Thus, the bitcoin rate can reach highs in the region of $ 19,700, after which it will decline again.

You can read the previous Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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