BTCUSD 12/5/2020
Updated
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Good day! This is my second update for the month of December 2020. I think the next weeks to come is very interesting. I’m hoping for more price appreciation before making a pullback. I think, every cryptocurrency trader should watch out Bitcoin price chart first before making a trade on Altcoins. Your TA on Altcoins is useless if you don’t consider Bitcoin in your Technical Analysis.
By the way, I’m still busy and enjoying this Christmas season. So, expect for less updates and less published technical analysis this month of December.
This is a continuation update on technical analysis dated December 1, 2020 in the related ideas below.
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Technical Analysis
Fibonacci Levels and Dipper Pullback Levels.
In my last technical analysis, I discussed in my Elliot Wave Price Projection the shallow (Not dip) retracement of Bitcoin but I still open the possibility of making a dipper pullback to 0.382 Fibonacci Level from March 2020 lows at $ 3,850 to possible price tops in the chart. Take note: that the highs of a larger wave 1 at $ 13,880 should not be the lows ABC Correction of Wave 4 of Larger Wave 3. I think scenarios A and B is possible based on Elliot Wave but I open a possibility that we may pullback this month of December that’s scenario C. I think actual price action is more reliable than mere price projection. So, we will see it eventually.
The Bitcoin Chart.
The Weekly Time frame only one sign of weakness as the Stoch RSI already have a bearish crossover at overbought level. On Daily Time frame, Both RSI and Stoch RSI has bearish divergence, MACD has bearish crossover and it failed to make a bullish crossover and MACD Histogram shows that for the past two days seller is in control. On One Hour Time frame, there is bearish convergence and bearish divergence on RSI, Stoch RSI and MACD. Also, there is bearish crossover of EMA 9 & MA 50. On the other hand, Four Hour Time frame is different. There is bullish divergence on RSI, Stoch RSI and MACD. And also, bullish crossover of EMA 9 & MA 50. It’s not a big concern to worry about it because the price still above the EMAs (9,21,34,55), MA (50,200) and SMMA 60 on Daily and Weekly Time frame. So, as of the moment, the Bulls still in full control. I think, a weekly closed at $ 19,495.00 is very important for more price appreciation in the short term. Some details is in the chart itself.
Weekly
Daily
Four Hour
One Hour
________
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
_________
Good day! This is my second update for the month of December 2020. I think the next weeks to come is very interesting. I’m hoping for more price appreciation before making a pullback. I think, every cryptocurrency trader should watch out Bitcoin price chart first before making a trade on Altcoins. Your TA on Altcoins is useless if you don’t consider Bitcoin in your Technical Analysis.
By the way, I’m still busy and enjoying this Christmas season. So, expect for less updates and less published technical analysis this month of December.
This is a continuation update on technical analysis dated December 1, 2020 in the related ideas below.
_________
Technical Analysis
Fibonacci Levels and Dipper Pullback Levels.
In my last technical analysis, I discussed in my Elliot Wave Price Projection the shallow (Not dip) retracement of Bitcoin but I still open the possibility of making a dipper pullback to 0.382 Fibonacci Level from March 2020 lows at $ 3,850 to possible price tops in the chart. Take note: that the highs of a larger wave 1 at $ 13,880 should not be the lows ABC Correction of Wave 4 of Larger Wave 3. I think scenarios A and B is possible based on Elliot Wave but I open a possibility that we may pullback this month of December that’s scenario C. I think actual price action is more reliable than mere price projection. So, we will see it eventually.
The Bitcoin Chart.
The Weekly Time frame only one sign of weakness as the Stoch RSI already have a bearish crossover at overbought level. On Daily Time frame, Both RSI and Stoch RSI has bearish divergence, MACD has bearish crossover and it failed to make a bullish crossover and MACD Histogram shows that for the past two days seller is in control. On One Hour Time frame, there is bearish convergence and bearish divergence on RSI, Stoch RSI and MACD. Also, there is bearish crossover of EMA 9 & MA 50. On the other hand, Four Hour Time frame is different. There is bullish divergence on RSI, Stoch RSI and MACD. And also, bullish crossover of EMA 9 & MA 50. It’s not a big concern to worry about it because the price still above the EMAs (9,21,34,55), MA (50,200) and SMMA 60 on Daily and Weekly Time frame. So, as of the moment, the Bulls still in full control. I think, a weekly closed at $ 19,495.00 is very important for more price appreciation in the short term. Some details is in the chart itself.
Weekly
Daily
Four Hour
One Hour
________
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Note
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