See More

Bitcoin Analysis for 2019-12-09 [Premium]

2 mins
Updated by Adam James
Join our Trading Community on Telegram
The Bitcoin price has created an ascending triangle in both the short- and the medium-term. There is resistance all the way to $7900. The long-term outlook still suggests that this is a retracement as opposed to a new upward move.

Bitcoin Price Highlights

  • The Bitcoin price is trading inside a short- and a longer-term ascending triangle
  • There is resistance at $8625 and $8900.
  • The 50- and 200-week moving averages have made a bullish cross.

Bitcoin in an Ascending Triangle

The Bitcoin price has been trading inside a possible ascending triangle since December 4. While the resistance area at $7625 is clear, the price is following one out of two possible ascending support lines with slightly different slopes. The ascending triangle is considered a bullish pattern, making a price breakout more likely. If one were to occur, the first target for the Bitcoin price would be $7900. Bitcoin Ascending Triangle

Daily Outlook

A look at higher time-frames shows a similar ascending triangle in development, that has been in place since November 22. The resistance area is found at $7900, coinciding with the target from the previous section. Once the price reached this area on December 4, it created a long upper wick and decreased, indicating selling pressure. This area also coincides with the 0.5 Fib level of the preceding downward move. Therefore, the current increase still has to be considered a retracement in response to the prior decrease rather than a new upward move. Bitcoin Long-Term Triangle

Moving Averages

The weekly moving averages (MA) show that we just had a bullish cross of the 50- and 200-week MAs. The Bitcoin price has found support above them. However, it has yet to close above the previous resistance area, even though it has traded above it on several occasions. Weekly Moving Averages To conclude, the Bitcoin price has given short-term signals that it wants to move upwards. However, the long-term outlook reveals no confirmation yet that this increase is a new upward move rather than a retracement. For our previous analysis, click here.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Top crypto platforms in the US | March 2024
Coinbase Coinbase Explore →
AlgosOne AlgosOne Explore →
Chain GPT Chain GPT Explore →
iTrustCapital iTrustCapital Explore →

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored