The results of the week: what will happen with Bitcoin in the early days of 2019?
Source:
Bitcoin is still at the local uptrend, which gives us strong hope for the growth of cryptocurrencies in the first days of 2019. Over the weekend, the coin began to fall sharply, but the downward movement was stopped by the line of the local uptrend. In the near future it is possible to expect short-term rally up to $ 4,000.
The Overall situation looks like this:
the- line chart on a scale of 4-hour chart is still valid, the nearest point of support located in the area of 3,680 USD; the
- trade BTC/USD has all chances to grow at least up to 3900 dollars in the coming days.
Last week fell to a level of 3560 dollars, there was formed a good support; the
At the moment, Bitcoin is trading around 3819 dollar. For the past day, the cryptocurrency fell by 0.4 percent.
theTechnical analysis
Last week, the coin has reached a new local maximum in the area of 4,235 USD. Unfortunately, even higher Bitcoin failed to gain a foothold, and so began the correction of the upward movement. A couple of days BTC fell below support at levels 4000 and 3800 dollars. However, the price of the asset finds support at the level of 3550 dollars, where there was a strong rebound.
Good news for the bulls — Bitcoin has managed to remain above the moving average SMA 100 on a scale of 4-hour chart. In the medium term, it opens the BTC road to bullrun. The 0.5 Fibonacci laid on the last wave falling from 4235 to $ 3563, too, stopped draining.
Source: NewsBTC
Now, traders should follow the line of the local uptrend on 4-hour chart. While it is the main guarantor of growth of Bitcoin in the short term. In the case of a breakthrough, we recommend immediately open a short position and wait for the fall of the cryptocurrency to $ 3,500.
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