Bitcoin $BTC Price Outlook: Neutral to Slightly Bearish

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January 02 2019 21:54 UTC

 

Bitcoin has gained 3.58% or 132.24 USDT in twenty-four hours. In this Midweek Edition find $BTC price action, trend, technicals and more. Or jump right to the Bitcoin $BTC Price Outlook.

 

Price Action

The price of $BTC has risen over twenty-four hours. The last price at press time is 3828.95 USDT. In Binance light to moderate volume trading the daily change is 3.58%, or 132.24 USDT:
$BTC Price Change
period % USDT
24 hours 3.58 132.24
7 days 1.36 51.21
1 month -8.64 -362.03

News

Trend

trend is SIDEWAYS

The Bitcoin weekly trend is sideways. We’ve seen only a marginal 1.36% price increase over the last seven days.

[Trend is "sideways" when there is no clear weekly price movement in any direction.]

Real Time Market Depth

The real time market depth is slightly bearish.

 

[The real time market depth is a fractional representation of the order book, used to assist in determining market direction.]

Chart

Tap / click to zoom:

btc-usdt-binance-four-hour-candles-2019-01-02

 

Remarks

On December 26 Boxing Day 2018 $BTC opened at $3777.74. A week later bitcoin is trading above $3800, presently a $51.21 increase.

With last night’s EMA bull cross noted below, price soared as high as $3865.72 with the technical trigger – before easing off, and climbing back to the report generation last price of $3828.95.

The one month loss of -8.64% or $-362.03 is a reminder of the current bear market. There appears to be bullish optimism in the shorter period charts, driven in part by transient technical indicators.

The RSI (one hour) is very close to over bought, suggesting a price fall is imminent.

 

Technicals

Moving Average Convergence Divergence (MACD)

The MACD on the four hour chart is bullish. The last consecutive seven 4 hour sessions have all been slight to moderate bullish sessions. The last session is the strongest.

[MACD is a trend-following momentum indicator]

 

Exponential Moving Averages (EMA)

period average
7 day 3794.65
25 day 3761.85
99 day 3751.28

At 8pm last night on January 01 2019 (four hour chart) bitcoin made a bull cross of both the medium and long term EMA. This is a bullish state.

[EMA is a type of moving average that weights recent price fluctuations more, yielding a better short term signal]

 

Relative Strength Index (RSI)

The Relative Strength Index on the one hour chart is 67.3. This is a neutral state.

This indicator is very close to an over bought condition.

[RSI is is a momentum indicator that measures the magnitude of recent price fluctuations to determine an overbought or oversold state]

 

 

Bitcoin $BTC Price Outlook

neutral

  • the Bitcoin $BTC price outlook is neutral to slightly bearish
  • if the price finds acceptance at higher levels the major resistance prints at $3865.72
  • if the price finds acceptance at lower levels the major support prints at $3772
Resistance levels: $3865.72 $3890 ($4198 December 24 2018)

Support levels: $3772 $3658 ($3535 December 27 2018 )

 

Invalidation: This outlook is no longer valid if the asset has performed outside of its resistance or support levels, or outside of its short term analysis duration.

 

Analysis Duration: four hours

This report is for a short term duration of four hours. Analysis is time sensitive.

[Analysis duration yields a “best before date”, calculated from report generation at January 02 2019 21:54 UTC.]

 

Independent Comparison

Comparing our outlook with independent, automated results from Investing.com shows:

Asset: Bitcoin $BTC
Time Period: 5 Hours
Summary: strong buy
Moving Averages: buy
Technical Indicators: strong buy

 

Disclosure

The author holds Bitcoin $BTC at the time of writing.

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