According to CoinDesk analyst Omkar Godboul, to break Bitcoin's bearish trend that lasts more than a year, he must first obtain a firm position above $ 3,919.
Through this brand the simple mobile average (SMA) of 10 weeks passes, which since the beginning of last year has been a great resistance, slowing the growth of the price of the first cryptocurrency. However, this SMA is only the first step. The 21-month EMA, which currently goes through the $ 5,400 mark, will confirm the change in the long-term trend.
The graph shows that the price of Bitcoin during most of the year was actively opposed to the ill-fated SMA 10, while on November 14 it did not fall below the psychological level of $ 6000.
In 2018, the price crossed SMA 10 only four times: in February, April, the second half of July and the end of August. Each time this fleeting upward movement deceived the bulls, desperately hoping for a resumption of the rally.
Currently, Bitcoin is quoted at $ 3,650 (Bitstamp Exchange), below the SMA of 10 weeks. Consequently, the mood in the market as a whole remains bearish.
BTC rose above $ 3,556 (December 27th low), but the price is still within the descending channel. The RSI indicator indicates the probability that the lower limit of this channel will break soon. Then, most likely, the bitcoin will be set at the December lows near the $ 3122 mark.
The "descending triangle" is clearly seen in the younger timeframe, which confirms the thesis about the high probability of a short-term price reduction.
– CoinDesk Markets (@CoinDeskMarkets) 15 січня 2019 р.
Recall, the other day that Cryptanalyst Galaxy expressed the opinion that the upturn in Bitcoin prices will begin in the second half of this year.
Subscribe to ForkLog Facebook News!
Did you find an error in the text? Select it and press CTRL + ENTER
Subscribe to the news Forklog