Bitcoin Trend Series / EP. 748 / 4th Dec. 2018
Recapitulation
- Bitcoin price have established a fresh leg down, erasing most of its gains incurred through the recent relief rally that sent the markets up 10% , to resume the main bearish trend, so overall our bearish setup stands intact, conditioned by the price stability below 4.300K.
Market Factors
- The current price action doesn’t hide the fact that Bitcoin Market remains in a wounded state, feel free to read / Bitcoin Falls below $4,000 Yet Again, What are the Factors?
Generally speaking there has been a spike of Bitcoin activities. Considering how cheap it is to pseudonymously move large sums, there is a lot to benefit in a space that is still evolving as infrastructure is being built to support the next wave of disruption.
Technical
- The bearish trend is still suggested unless breaching 4.300K and holding above it.
- If the price sink below 3.860K then we could see further capitulation towards the negative target at 3.475K.
Sentiment
Support 1: 3860.000 level.
Resistance1 :4300.000 level.
Support 2: 3475.000 level.
Resistance2 :4480.000 level.
Expected trading for today:
is between 3475.00 and 4300.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of substantial returns down the road.
I think We are approaching some critical moments, bitcoin is under a 200MA that it has never been under, and has broken down some boundaries that are just not allowed to be broken in technical analysis and finally finishing the week in red. This is making the bitcoin chart very bearish and the lack of buyers coming in with volume is not helping. We are approaching a crossroad that will ultimately decide. I would prefer to see this asset retest the $5k level to show that people are actually interested in it. If we dont this will give people a very nasty taste in their mouth as they will see their accounts shedding percentages, once again... Capitulation will certainly come in at around $1500-2500
The deeper we pull back means that it may be longer and more difficult for us to make it back to the highs. These market conditions are trader nightmares and are to be approached very cautiously. If you do find yourself buying into these levels you should always trade with a plan and know what your risk and reward ratio is.