Bitcoin (BTC) closed the day above the $ 19,000 level, up 2.3 percent. However, we saw that the biggest cryptocurrency failed to break yesterday’s resistance levels. In December 3 Bitcoin analysis, we evaluated the latest situation of the crypto.
Bitcoin (BTC) had less volatility in yesterday’s trading after easing from its peak (19,888) the previous day to $ 18,000. Bitcoin price stabilized at $ 19,000, remaining between the daily support and resistance levels. Today, BTC, which started the day with a seller, was priced just below the $ 19,000 level in the morning.
Daily BTC/USDT Chart
When look at the cryptocurrency from a broader perspective with the daily BTC/USDT chart, we see that the bullish momentum has not deteriorated yet. The EMA 8 average (currently 18,655), a key value in this trend, continues to operate as dynamic support. In addition, look at the short-term movements, it can be seen that the range of $ 18,650 – $ 700 forms an important support area according to the EMA 8 position and daily opening and closing values.
Hourly closings under this support area have the potential to lower the BTC/USDT parity to $ 17,850. The EMA 21 average, positioned at $ 17,800, worked as a solid support for Bitcoin during last week’s decline, and we saw a new rise with purchases from this level. Now $ 17,800 stands out as an important price that can be followed on a daily basis in case of a possible downturn. In the bearish scenario, the selling pressure also has the possibility to lower BTC to the trendline limit of $ 17,100 for a short time.
In the upper region, it remains up to date with an average resistance price of $ 19,400. If BTC stays above the $ 18,650 – $ 700 range today, we can see that upward attacks may come.
When we look closer to Bitcoin in the 3-hour view, it can be seen that there is an intermediate resistance at $ 19,200 in a 24-hour period. In today’s bullish move, this level can be followed as the first resistance point and it is important that the 3-hour candlestick close come above $ 19,200. Afterwards, the second target will be to cross the $ 19,400 resistance, while the final target before the $ 20,000 band may be to close above $ 19,700.
Lastest Stochastic RSI on BTC/USDT
In the daily outlook, the Stochastic RSI has turned its direction down after yesterday’s uptrend was limited (resistance could not be broken). This once again reveals the importance of the support area. Stochastic RSI in 3 hours continues its horizontal motion in the lower region. Probably breaking the $ 19,200 resistance will be the trigger for this indicator to generate a bullish signal as well.