Price Analysis

Bitcoin Technical Analysis: Is Bitcoin (BTC) DEAD?

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  • Bitcoin resorts back to its stable momentum and trades at $7,238.56; at the press time
  • BTC/USD gains imminent support from the short-term moving averages and is finely lured by the 100-day daily Moving Average
  • The bearishness prevails, and the selling pressure remains dense as we await a notable movement
  • Bitcoin currently moves in the denial stage as a bullish divergence remains on hold

As we move towards the end of the trading year 2019, we see that crypto and Bitcoin lovers and loyalists have gone through 5 mentioned emotions. It was exactly two years back when Bitcoin soared to an all-time high above $20,000, and today on this Christmas Eve, are the investors waiting for the history to repeat?

The end of every trading year will remain incomplete if we do not embrace the King for the history that it created. However, the Current BTC Price movement depicts a different story at present.

Bitcoin Price Analysis:

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BTC/USD Chart By TradingView

Analyzing the 5-hourly movement of BTC/USD on Bitstamp, we see that the coin is appearing flat. However, as per the foreseen trend, we believe that Bitcoin’s price will eventually bounce off in the upcoming year 2020. Although the uptrend is not going to be an easy walk, and before that, we have to welcome a rejection candle pattern, which happens to be a bullish engulfing and the investors can go long, meanwhile.

Technical Indicators:

Bitcoin News Today

The imminent technical indicators laid along with BTC/USD price trend also confirm the remains of bearishness, but it is rightly supported by 9-day and 49-day MA. The coin is appearing to seek support from the 100-day MA, although, directional trading is going to help the coin to gain important long-term support.

The MACD of the coin is running above zero but just had a death crossover, i.e. bearish crossover, as the signal line crossed the MACD line.

The RSI of the coin is at 48.17 and withholds no extremities at present as the coin moves utterly stable and directionless yet moderately bearish.

Conclusion:

Do we consider this dead? Is this an end to the Bitcoin Era?

Digitalization remains the ultimate goal of the economy, and we can’t ignore the power of Bitcoin. However, a persistent move towards a bullish price area will retain back the lost faith.Β  This does not include the Bitcoin whales, BTC loyalists and lovers.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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