Bitcoin (BTC) dropped to the $ 18,300 band yesterday and losing about 4.5 percent. In December 9 Bitcoin analysis, we evaluated the latest of BTC/USDT.
Bitcoin (BTC) has been moving in bearish for the past 48 hours. After failing to hold on to the 19,400 resistance, when bears came from the resistance area at $ 19,300 yesterday, Bitcoin saw a sharp downward fall. Yesterday, we saw that the losses increased when the support price of $ 18,700 was broken.
BTC/USDT Daily Chart
According to yesterday’s closing, the current downward movement continued until the 21-day EMA value. For Bitcoin, which tested the EMA 21 dynamic support point for the second time during the recent uptrend, this exponential moving average could be decisive for the trend direction today.
EMA21, which stood at $ 18,240 in the morning, could work as an important support today. If BTC falls below this price, it has a price of $ 17,700, which corresponds to the rising trend line. If hourly closes come below $ 18,240, a softening towards $ 17,700 can be seen today. The $ 17,700 band also coincides with Fib 0.236 relative to the Fibonacci values of the recent rise. If this level is broken today or in the coming days, we can see that the correction trend may continue.
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After the downward break of the upward trend, BTC / USDT is likely to move towards the $ 16,400 – 700 band. Because there is no serious support point between 17,700 and 16,700. So while daily support of 18,240 is quite important, $ 17,700 today or in the coming days could work as the main support.
The $ 18,240 support works well, and if purchases come from this point in the coming hours, we can see that BTC could rise to $ 18,700. The 18,700, which was an important support in the past week, is now a resistance position. If it is above this price, the resistance area at $ 19,300 – $ 400, which BTC / USDT could not break last week, will come to the fore again.
Stochastic RSI, which gives information about the trend, gives signals of oversold on both the daily and 3-hour charts. It is extremely important that this indicator first rises above the value of 20 in the 3-hour view to continue the uptrend.