Bitcoin (BTC) has been continuing its horizontal course for about a week with low volume trading. In December 8 Bitcoin analysis, we evaluated the latest situation of BTC/USDT.
BTC started a band movement between $ 19,500 – $ 18,700 after its peak in the month. In the last 3 days, it is seen that the price has tightened in this band. While $ 19,000 is the base in the recent price movements, it is seen that BTC faces a resistance at the level of $ 19,300.
3-Hour BTC/USDT Chart
Crypto, which closed the day with a decrease of 1 percent yesterday, fell to the $ 18.800 band when it saw resales in the 19.300 band. He then recovered and managed to close the day above $ 19,000.
BTC/USDT, which started the day with light sales today, was struggling to stay above $ 19,000 in the morning. If it slides below $ 19,000, the $ 18,700 – $ 800 band forms a support area in the short term. In case of an increase in transaction volume with sellers, it is possible to see a decline to the $ 18,100 – $ 200 band.
In upward transactions, the determining price area will be $ 19,300. In case the $ 19,300 band breaks upwards, the next target remains on the agenda at $ 19,500. As the triangle formation, which is seen more clearly on the daily chart, comes to an end, the narrowing in the price draws attention.
Approaching the intersection of the short-term bearish trend and the medium-term uptrend, BTC may enter a decision phase for its new direction at this stage. In such a case, we can see that the price can quickly move to the direction it is breaking. So the $ 19,000 support and $ 19,350 resistance should be watched carefully today. Hourly closes that violate these levels have the potential to trigger a fast action.
Daily BTC/USDT Chart
In the daily view, the stochastic RSI position has an upward potential with its horizontal position in the lower region. In the 3-hour outlook, the stochastic RSI trying to rise from the lower regions is giving mixed signals. While the failure to break the $ 19,300 band increases the downward pressure, positive signals can be received from the 3-hour stochastic RSI with a price movement above this level.