Last week the price stopped at around $ 7,800, so he slipped three consecutive days off (including today), with the bears pushing us down to $ 7200. As already said last Monday, therefore, it is not a good time for bitcoins and the bears seem to have taken full control of the market; having said that we go immediately to take a look at the charts and try to understand together what awaits us in the next seven days.

USDT / BTC bears in the chair and bulls behind the blackboard

Looking at the 30D chart what we see is that the price has already broken the S1 and is now retracing; one of the most probable scenarios, therefore, is that the downward pressure regains strength in the coming days, leading us to test the S2 in the $ 5500 zone. Also the 7D chart appears quite disturbing, with a bad bearish crossover of the ichimoku moving averages and the MACD which is going to cut the zero line downwards; on the other hand, the weekly chart clearly shows that we are inside a bearish channel that will probably be broken upwards only when it crosses historic support (between 4000 and 5000 dollars). As for the 1D chart, it is not very helpful right now, but it does allow us to easily note that we are in a bearish trend that has been going on for almost six months, having basically started in June.

Weekly forecast

If the end of 2018 had coincided with the end of the long bearish cycle that had characterized bitcoin quotations the same will probably not be the case for this 2019; at this moment the market seems very weak and the feeling is that it will be difficult to recover if not around next spring, between February and March, when probably the enthusiasm for halving will favor the end of this bearish cycle and a headlong return of the bulls. Until then it would be better not to look for improbable rebounds and to keep liquidity aside for when we can buy at a balance price.

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