Bitcoin Technical Analysis, What is waiting for us this week?
Dear friends, the information, comments and evaluations included here are NOT within the scope of Investment Consultancy . The analyzes and evaluations that I have made are technical studies based on the analysis (Date of analysis: 12.11.2018)
Bitcoin started the week at $ 480 . Although the increase to $ 6620 during the week was seen, the close of the week ended at $ 6420 as the result of heavy sells . Bitcoin lost 1% on a weekly basis with this close . It can be said that this limited sale of bitcoin is more felt on the altcoin side of the pressure. Let’s continue by examining the technical events taking place during the week.
Bitcoin tested the L1 trend in the previous week and had an upside reaction from here. In the first three days of this week, we see a continuation of this reaction. This upward movement continued until A trend seen in the first chart. We see the sale raid in the A trend on the red bar on Thursday. This sales pressure moved the price back to the L1 trend. The L1trend was re-tested in the bar on Sunday and worked as a support for the L1 trend again. On the volume side, we can see that there is not a significant development, but a low course. As a result of these developments, we can make our main evaluation.
Bitcoin, 128 days of the last 154 days, $ 6000- $ 7,000banded Bitcoin’s fall in this band gap and the fact that it has been recovered at this level for five months is very important in terms of the long term. What should be considered here, in which direction will BTC be out of this band? How will the market conditions take shape in the coming period? It is not possible to say this directly. However, recent positive news from the crypto money market (Regulatory regulations, Bitcoin’s ETF expectation continued, Bakkt platform developed by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, indicates that the market will move upwards in the coming period. . If we come to the technical view with positive news, $ 6000 -7000breaking up the band will be the first step of the upward movement. I narrow down this band and follow the range of D ($ 6100) – C ($ 6800) trends. I think that the closures that will take place under D ($ 6100) will put the bull market in serious condition for some time. For the current situation, L1 trend should be followed as support in the short term . Since the L1 trend has been supporting for 140 days, the downward trend will increase the sales pressure. Below the L1 trend, the red-cut horizontal trends in the second chart will be considered as a support area. L1above the trend of the price C (6800 $) I think that the trend. However, the continuation of the pressure of the falling trend A in this region will continue to limit the movement. There is a need for volume support to break up A trend. I expect the movement on the A trend to gain momentum.
Bitcoin moving averages graph; This week we are trying to break up the MA50, but we can not succeed. As a result, the price has changed back to below the value of MA21 and MA50. Keeping the price at these levels will cause the sales pressure to continue. However, I think the price of MA50 will be up to MA200 if the MA50 is broken up.
Graphic Source: TradingView