Bitcoin: weekly market analysis (from 10 December to 16 December 2019 on USDT / BTC pair)

As we were able to report, at present, this cryptocurrency is embedded in a bearish channel, what remains to be seen is whether the new fund will really be around $ 4500 or if the bulls will be able to defend the support at $ 7000; the feeling, to be honest, is that the break could arrive just in the next ten days, in any case, as we have already explained, the present reading of the current trend can be said to be wrong only when bitcoin is reported above $ 8000 fee. In fact, before this level is broken, we can only continue to be bearish on this currency; that said let's take a look at the charts anyway and let's try to understand together what lies ahead in this new week.

USDT / BTC bears control the market

We start as always from the 30D chart, this week will open the new candle of the month, however we are already in a position to say that it will almost certainly open under the pivot point; in recent days we have already had a break of the R1, so the feeling is that once this retracement is over there will at least be a R2 test in the $ 5500 area and that, even if this level is broken, the next support test should take place around $ 3800. We then move on to the weekly chart, from which we see distinctly not only the bearish channel but also the strength of the bearish trend in which we find ourselves currently, with the MACD which has now cut the zero line downwards, while setting the ichimoku cloud we notice how the price we are preparing to pass below the clouds again. Instead, just take a quick look at the 1D chart to realize that we are clearly in a bearish scenario.

Weekly forecast

Although the order book shows itself to be considerably thinner on the side of those who want to sell than those who want to buy bitcoin's weakness, it is, at present, overt; as we approach the halving, which will take place next spring, the warnings of a part of the community that has been repeating for some time that this time, the halving may not have the usual violent bullish effect on quotations, are becoming increasingly disturbing. and, if this were to happen in a scenario like the present one, it would really be a nasty cat to fry. In the next few months, in fact, it is reasonable to think that the bitcoin price can halve its value, so if halving does not have the desired effect, the situation would take a pretty nasty turn, especially for the miners who, already at these prices may have begun to undermine at a loss. The next few months, to conclude, will not be easy for bitcoins, so there is nothing left to do but wait patiently for a signal to turn around and keep our liquidity aside waiting for better times.

Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only