There is not much to talk about this morning, but I will do my best to offer you multiple views of the current price action. The price of Bitcoin continues to operate laterally within a small TR that I have marked on the 15 minute chart. We can also see that a possible double bottom of Adam and Eve is being built. This will not be confirmed unless the price closes above the maximum of $ 3863.34. We can see the RSI in search of a strength signal that manifests as RSI that passes through the resistance line descending. If the price closes above that high swing, then we should look for a target of around $ 4050 based on the height of the proposed double bottom. However, a close below the minimum of $ 3674.73 would suggest a further downward momentum. The price is currently printing a symmetric triangle. As usual, these patterns do not have a directional bias. The height of the triangle is around $ 170, so operators can use this as an initial goal by closing above the resistance of the triangle or below its support by adding it to the point of noncompliance or subtracting it from the point of breach of the latter. Then, as we were yesterday, we still see the swing high and low for the entrance signals. Beware of possible bearish or bullish SFPs, so we always expect a close and do not buy or sell the gap immediately.
Despite being in a downtrend, bitcoin looks very oversold on the 1 day chart.
By looking at the daily chart, you can see that BTC fell through the support of the falling wedge it was in and that the support now acts as resistance. There is a reverse pattern of head and shoulders, but it is tilted. I also see resistance in the MACD and in the zero line. I think if you do not break this, you could test the $ 3000 level or worse. Keep your eyes open. If this is rejected by the resistance, it could fall fast!
The bullish outlook:
There is not much of a bullish outlook now that consolidation has passed below the average line of the bearish flag. Even in this bullish perspective there is a Death Cross of the 50MA and the 100MA, which is shown below, and also an alert of the Cross of Death of the 50MA and the 200MA within the time frame of 4 hours: shows below.
The bearish perspective:
Including the 2-hour time-frame death cross shown above, we have a 4-hour time frame that shows another cross of death. More another Death Cross alert on the weekly chart of the 50MA and the 200MA. We could be in the preliminary stages of the second part of this bear market in my opinion. With the indications of Death Cross in the lists and everything else without looking optimistic at all, I am forced to change my strategy to a Neutral Short.
resteem and upvote and comment on my post if you found it helpful.
happy trading
Dear @orphism
Interesting choice of topic :) But did you consider using "enter" more often to separate blocks of text? It would make reading much easier.
I would expect entire market to be still in bearish market till (at least) end of next chinese new year. I cannot see any way that current market condition would recover anytime faster.
ps.
I've been surfing youtube a while ago and I've found one influencer which content I found very valuable and interesting. Especially if you're planning to be an influencer yourself.
It's min long but first 2 min are enough. Check it out:
And ENJOY your NY Celebrations.
I believe that 2019 will be difficult and challenging. Hope you will go through it without any real difficulties. I was really a pleasure to get to know you this year.
Yours
Piotr
Good to have you are the Cryptopub and on STEEM! Great analysis and I look forward to discussions in the new year!
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STOPDo not miss the last post from @steemitboard:
I guess it's not just bitcoin which is still in bearish, but the whole market rather considering how rough it has been for the last few months, but here are some positive thoughts that might help every trader overcome the bear https://medium.com/kucoinexchange/finding-liquidity-in-a-bearish-market-episode-2-ride-the-dragons-aed8e64ed593