Welcome to my Crypto Blog. Let's make some money and witness history together

Bitcoin (BTC/USD) Bearish and Knocking on Key Support Pivot

The price of Bitcoin (BTC/USD) has been consolidating after coming down to $3200 in December 2018. Over a month later, price action still shows bearish bias and is knocking at a key support around $3460.

BTC/USD Daily Chart

Consolidation with Bearish Bias:

  • The market was bearish entering December, but eventually flattened.

  • However, there is still bearish bias as price still trades under the 200-, 100-, and even the 50-day simple moving averages (SMAs).

  • The RSI has been holding below 60, which reflects maintenance of the prevailing bearish momentum.

Key Support:

  • As we can see on the daily chart, there is a common support pivot at the $3460 area.

  • I think if price can hold below $3450 for 24 hours, the market might retest the $3200 low with a good possibility of extending to $3000 before finding significant support again.

  • But If price pushes above $3750 and stays above for more than 24hours, then I think we can see BTC/USD pushing up to $4100 with $4420 as the next resistance above that.

In general, I believe the market will remain choppy but with bearish bias in the next couple of months.

tZERO Goes Live and Helps Overstock (OSTK) Rebound

Ethereum's 11th Hour Delay of the Constantinople Upgrade Reveals Fundamental Flaws