Advertisement
AD

Main navigation

A December To Remember: Bitcoin’s Winning Streak in Peril

Advertisement
Mon, 3/12/2018 - 15:51
A December To Remember: Bitcoin’s Winning Streak in Peril
Cover image via U.Today
Read U.TODAY on
Google News

For the last 3 years, the month of December has been prolific for the world’s largest digital asset (BTC), which posted gains of 14%, 30%, and 40% in 2015, 2016 and 2017, respectively. That “winning streak” might snap this December, considering that Bitcoin and the crypto market, in general, have been tanking heavily during the last period.

Advertisement

Chart Analysis – BTC/USD

image

Currently, Bitcoin is trading right on the $4,000 level, with a 2.44% loss over the last 24 hours and a 3.44% gain for the last 7 days, but it must be noted that it failed twice to break resistance and the Bollinger Bands are curving downwards once again. The Relative Strength Index has started to move lower as well, and all this points to another possible drop that may have 3500 as a target.

The picture remains relatively blurry, and for the time being there is no clear indication whether the current price action is part of a simple correction in a downtrend or if we are dealing with a possible end to this bearish trend.

Support zone: 4000 area

Resistance zone: 4200 - 4400

Most likely scenario: downtrend resumption if price stays below 4200

Alternate scenario: bullish break of resistance zone and move into 4600

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD