Bitcoin BTC/USD Price Analysis
Bitcoin Price Analysis
On our medium timeframe, 4H chart, we can see a wedge consolidation pattern forming with a flat bottom at about 45.5k and a descending top. It’s worth mentioning that the 45.5k local support has held on three retests, and is now trending back toward the red line to test resistance.
On our daily chart, with moving averages shown, the price continues to consolidate at the daily 200SMA - shown by the yellow line. We can also see an impending death cross (the 50 SMA about to cross beneath the 100SMA).
We’ve been watching the key support zone around the weekly 50SMA. Last week’s candle closed below the key 47.7k level, and BTC is trading just under the 50SMA. A second consistent candle close below the weekly 50SMA would be bearish and would confirm lower lows to come.
Bitcoin Fundamental Analysis
Given the time of year with holidays and the end of the year approaching, it’s likely that two things are happening: 1) people are cashing out some profits to buy gifts and to have funds to celebrate, and 2) investment firms are locking in profits and holding cash reserves for their end of year earnings statements. It’s quite possible that at the start of the new calendar year the buying will continue.
Conclusion
The local support between 45-47k remains strong and has held on three separate retests. Below that, a strong demand zone at 40k and another at 30k could both be potential bottoms. Resistance is now found at $48-50k, and again at 53k and 58k. Keep a look out for Bitcoin breaking out of the wedge pattern.
On our medium timeframe, 4H chart, we can see a wedge consolidation pattern forming with a flat bottom at about 45.5k and a descending top. It’s worth mentioning that the 45.5k local support has held on three retests, and is now trending back toward the red line to test resistance.
On our daily chart, with moving averages shown, the price continues to consolidate at the daily 200SMA - shown by the yellow line. We can also see an impending death cross (the 50 SMA about to cross beneath the 100SMA).
We’ve been watching the key support zone around the weekly 50SMA. Last week’s candle closed below the key 47.7k level, and BTC is trading just under the 50SMA. A second consistent candle close below the weekly 50SMA would be bearish and would confirm lower lows to come.
Bitcoin Fundamental Analysis
Given the time of year with holidays and the end of the year approaching, it’s likely that two things are happening: 1) people are cashing out some profits to buy gifts and to have funds to celebrate, and 2) investment firms are locking in profits and holding cash reserves for their end of year earnings statements. It’s quite possible that at the start of the new calendar year the buying will continue.
Conclusion
The local support between 45-47k remains strong and has held on three separate retests. Below that, a strong demand zone at 40k and another at 30k could both be potential bottoms. Resistance is now found at $48-50k, and again at 53k and 58k. Keep a look out for Bitcoin breaking out of the wedge pattern.
Penafian
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