Bitcoin – Daily Chart
2/2
Investing.com – The has avoided further lows this weekend, showing an overall consolidation trend, above a support area at $ 45,500-46,000, but is still far from showing signs of a rebound. Worse, further significant bearish signals could be recorded this week, which could justify further losses for the cryptocurrency.
First of all, let’s remember that Bitcoin took a new bearish stage from a technical point of view last week, dropping below its 200-day moving average.
We can also notice on the daily chart that the 50-day moving average is rapidly approaching the 100-day moving average. A cross of the 50-day MA below the 200-day MA would provide an additional strong bearish signal for BTC / USD.
As for targets in the event of a steeper fall, the near $ 42,000 low on December 4, and the area around the psychological threshold of $ 40,000 will be the next potential supports to watch out for.
On the upside, a return above the 200-day moving average currently at $ 47,150 would be a positive signal, but only a return above $ 50,000 would begin to significantly improve Bitcoin’s chart profile on a daily basis.
In addition to the technical factors, it should be noted that traders will also have to take into account the potentially reduced liquidity conditions of Christmas week, which could exacerbate any movement.
Finally, it should be noted that some cryptocurrencies stand out in the top 10 by showing, unlike Bitcoin, a solid increase since yesterday. for example is up by almost 6%, while gaining 5.4% at the time of writing.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.