Bitcoin: weekly market analysis (from 3 December to 9 December 2019 on USDT / BTC pair)

For Bitcoin, the one just passed was a week without infamy and without praise, so let's take a look at the charts immediately and try to understand together what to expect from the next seven days

USDT / BTC weak bulls and bears lurking, it is time for caution

During this last week practically nothing substantial has changed and we find ourselves roughly in the same situation as last Monday; for this reason in today's analysis we will skip the monthly and weekly charts for once, focusing only on the daily time frame. On the 1D chart the situation is fairly promiscuous, observing the MACD and the bollinger bands, in fact, we have the feeling that the week just begun can give a bit of profit, with the price that should go up to at least 8000 $; the perspective changes radically by observing the ichimoku clouds, which give us the glance of a markedly bearish scenario and the exponential moving averages at 20, 50 and 100 periods which show us that the price is still below the EMA20 and that if even if it were able to break this resistance it could hardly take over the EMA50, especially at the first test of this resistance. The EMA50 itself, incidentally, is in the $ 8,000 zone and this is the level we have to keep an eye on, a closing of the day above this level would be a positive signal, while, on the contrary, a closing of the day below 6500 $ (which is the last minimum) would suggest a new impending price collapse.

Weekly forecast

Since bitcoin has often accustomed us to surprises, which are not always welcome, my advice is to wait for a clear break of the levels we have identified, for which $ 8,000 for resistance and $ 6500 for support. As for me at the moment I'm still bearish on bitcoin, in the sense that I think the new fund will be around $ 4500, but we can't exclude that my interpretation turns out to be wrong, so we might as well keep an eye on resistance too (and besides we are always in the imminence of halving). In the hope that from now to the next seven days the trend will take on a clearer direction than the current one, therefore, all we have to do is give us an appointment next Monday with our usual bitcoin analysis.

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