Greetings everyone
with a vaccine on its way, all the indices that closed on Friday on their greens,the major of them are on their higher highs, and the Bitcoin consolidating around $18,2, this last weekend was really a game of patience. It was really hard to predict its next move.
And it still is, so welcome to this new Technical Analysis of Dec 7.
Bitcoin is consolidating on the range $19,000 - $19,350. There is a resistance level of $19,370, while a strong support level is formed at the $18,300 - $18,700. As for the indicators, MACD is in a neutral stance without a clear signal. This goes for RSI, too, except there is a divergence on the four-hour chart. Currently trading at $19,353 (08.12 AM UTC), its dominance is at 61.72% and its daily volume is at $21.6 billion.
There are two possible moves. The first is to break the support level, falling to the next strong one at $16,000. Then is should rebounce and be back at $19k with better momentum for higher. On the other hand, it could try to break the resistance level starting to move higher. But the real test will be the $19,600 level. I think that the price should be above this level so we can talk about a new all-time high.
Unfortunately, this kind of behavior is not helping altcoins either. At least against Bitcoin, as there are some projects that have uptrend momentum or growing in general, so to speak, but not against bitcoin. A sudden - either way - move could destroy many plans and give losses.
So, right now I don't think that there is such a thing as the right decision. Bitcoin seems as it is resting, after a bad day at the office, and even if the short term signs are not that clear, the long term - the so-called bigger picture - is still bullish. Still in an uptrend that can and will find its right position.
Conclusions?
None. At least not yet. The weekend's "trend" of going nowhere will continue a bit, but in the end, I think that Monday will show the way. Trading now is riskier than ever and I would consider low volume, only spot trading with tighter stop loss.
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