Bitcoin represents the worst losing streak in 7 years. Are there any prospects?
Source:
in December, has experienced its longest losing series for the last seven years. The first cryptocurrency closed the year on December 31 at the level of 3689 dollars, which resulted in a 13 percent drop from the level of 4241 dollars in the beginning of the month. According to Bitcoin Price Index (BPI) from CoinDesk, it was the fifth consecutive month falling, which makes the series worst since November 2011. Recall that in that period the PTS was trading at $ 20 and then for five months until November experienced a consistent drop of 81 percent. But then subsidence gave way to a sharp bullish trend. In December 2011 the coin grew by 59 percent, and by November 2013, and is traded at $ 900.
By the way, this month Bitcoin can repeat this pattern of growth. By the end of 2018, the dominant cryptocurrency has lost more than 80 percent from its historic high of 20 thousand from December 2017. While the fundamentals of the coin and not give in to provocations bears. For example, the indicator overbought/oversold NVT reaches 108, indicating that the overbought condition of the asset. At the time of this writing BTC is trading at 3790 $ on Bitstamp, which speaks of the daily increase of 1.86 percent.
theDaily graph
Source: Included
On the daily chart Bitcoin most likely demonstrates a pattern «head and shoulders» with the level of resistance around 4180 dollars. CoinDesk writes, the closure of this level will open the way to $ 5,200. However, the resistance at 4180 $ can be tested only when the 3-day schedule will shift to the side of the bulls.
the3 day schedule
Source: Included
As you can see above, the BTC is kept much above the December low of $ 3122. Therefore, the bullish sentiment caused by the positive divergence of relative strength index (RSI) in mid-December, remain in effect.
theSummary
the-
the
- BTC can break its five-month losing streak in January; the
- if confirmed pattern «head and shoulders», then Bitcoin could potentially break the mark of 5 thousand dollars in the near future;
The prospect of growth coins in January may lose the effect if the adoption rates will be at a level below the December low of 3566 dollars.
As a Reminder, the current rate of coins can be found in our classroom . And more data to search for .
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