Bitcoin: weekly market analysis (from 17 December to 23 December 2019 on USDT / BTC pair)

USDT / BTC reversal or retracement?

We start as always from the 30D graph, also because for a couple of days we have had the opening of the new candle of the month; what we see is that BTC opened at the pivot point, first broke this level (albeit very little) and then took two big leaps as if to go and test the S1. The problem is that by setting the ichimoku cloud on this time frame we find ourselves practically in correspondence with the cloud, a cloud that is very thin; it is therefore a particularly delicate moment because in the next three months any price of bitcoin under $ 10,000 will make it go below the cloud, making it assume a clear bearish conformation. The situation at the moment is quite clear and in principle reconfirms the logical thread that we have been following for about a month, so we can skip the 7D graph and go directly to the daily one that still allows us to reiterate that either BTC it will recover above $ 8,000 or continue to be substantially bearish.

Weekly forecast

For what is the current situation I can only remain bearish on bitcoin at this moment, both because the logical thread that I have been following for a month now has been substantially reconfirmed, and because, even if we were in the vicinity of a reversal we should still witness a retracement first. The advice, therefore, remains the same as last week, until bitcoin returns above $ 8,000 we must maintain a bearish approach; even if the pressure of the bears led us to mark a new low after that reached a few days ago at $ 6500 there would still be nothing to despair, let's take it as an opportunity to return to accumulate at lower prices. Although he has often repeated that any price under $ 10,000 should be understood as a long-term purchase opportunity, therefore, the advice is to keep liquidity aside because, probably, there will be the possibility in the coming weeks to buy at prices. even lower than that.

Please note: this post is not intended to provide in any way financial advice related to how to invest your money but it is purely educational