Daily Bitcoin (BTC) Analysis: December 5

Bitcoin (BTC) continued its band movement with a loss of up to 4 percent yesterday. We evaluated the latest situation of BTC / USDT in the Bitcoin analysis of December 5.

When Bitcoin (BTC) failed to cross the $ 19,400 resistance area yesterday, it faced sales from that point and relaxed to $ 18,565. The day’s closing was realized at $ 18,650. Bitcoin, which started as a light buyer in weekend transactions, is trying to hold on to the $ 19,000 band today.

Daily BTC/USDT Chartbtc/usdt chart
When we look at the price movements in the last 5 days, it is seen that there is an important support point in Bitcoin at an average of $ 18,700. Bitcoin has managed to balance over $ 18,700 so far, even if the incoming sales sag below this level. It is noteworthy that gradually lower peaks are formed in upward movements this week.

The peak, which formed in the band of around $ 19,700 at the beginning of the week, left its place to the $ 19,400 band in the middle of the week. On the other hand, following the declining trading volume in the weekend, we see that there has been a resistance at $ 19,150 so far. This lower peak move could be a factor that could increase the downward pressure for Bitcoin.

3-Hour BTC/USDT Chart

When we take a closer look at Bitcoin with the 3-hour BTC / USDT chart, a bullish movement starting from the $ 18,500 bottom is noteworthy. While this move finds support at $ 18,950 levels just below $ 19,000, breaking the $ 19,150 resistance could allow BTC to test the $ 19,400 resistance again. If the resistance area of ​​$ 19,400 – $ 19,520 is broken, we can see that Bitcoin buyers may struggle to break the last peak level with the new week.

Latest in Important Indicators

First of all, if look at the moving averages we follow regularly in the 3-hour view; The slow moving average EMA89 (currently 18,584) is a major support for BTC. On the other hand, it is noteworthy that today the EMA8 average is preparing to cut the EMA21 average upwards. This is a sign that the uptrend could accelerate if the $ 19,150 breakout resistance is broken. The 3-hour Stochastic RSI position also supports the uptrend.

When we look at the daily BTC / USDT chart; The 8-day EMA average (currently 18,800) continues to be a dynamic support in the ongoing uptrend. BTC, which broke this average in the last week of November, dropped to the 21-day EMA. In a similar withdrawal, Bitcoin is likely to test the EMA21 value currently positioned at $ 18,000.

The Stochastic RSI in the diary has turned its direction down at low levels today, which is an important sign that the depreciation may continue if the average support area of ​​$ 18,700-800 is not maintained. However, with one day closing above the $ 19,150 resistance, the daily Stochastic RSI is likely to turn upward, supporting this upward trend.

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Disclaimer: The information in the content is not an investment advice. Author and coinalways.com are not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Coin Analistahttps://coinalways.com
Building his career on finance and banking, the veteran analyst decided to devote his experience to cryptocurrencies and forex. Co-founder @ Coin Always.

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