BTC/USD – Weekly outlook for Bitcoin Price – December 5 2019

BTC/USD Outlook & Technical Analysis for Bitcoin


As we come to the end of the year, persistent plunge in reward of miners, the fundamental driver of Bitcoin price, result in a long term bearish outlook of the BTCUSD on IQ Option Singapore platforms.

This week, we’ll walk you through the significant events and technical drivers lending precise entry points. Come along.

BTC/USD: Technical Analysis

Monthly Chart

Resistance: $12325.00, $10949.00, $10350.00

Support: $3122.28, $3670.0, $4660.0

BTC/USD Outlook - Montly Chart - December 5 2019

rom the monthly chart above, there’s a high probability that the last quarter of Q4 is closing bearish.

The collapse of the July 01 ’19 bearish closing inside-bar 9049.54 was an early signal that the correction phase would persist.

If the price does not close bullish by month-end and instead closes bearish within November’s high-low range, we should expect a similar price dump like that of October 2018.

In that case, the Bitcoin to dollar could again hit the MA-50 that is somewhere around the $5k round-number support on or before the year 2020.

Daily Chart

Resistance: $8231.04, $7870.35, $7431.07, $7772.71

Support: $6515.0, $7018.78, $6847.72

BTC/USD Outlook - Daily Chart - December 5 2019

Institutional investors, popularly known as whales, started their profit-taking activities towards the end of last month, consequently leading to an upward recoil of the Bitcoin price on November 25 ’19.

This upward increase in price should not be confused as a market reversal into a bullish campaign as the long term bottom is not yet confirmed by a break of resistance or an accumulation of buy orders on the weekly or monthly time horizon.

4Hour Chart

Resistance:  $7870.35, $7815.00, $7472.85, $7415.00, $7772.71 

Support: $7175.83, $7140.08, $7087.09

The regular bullish divergence signaled on November 25 08:00 confirmed the mid-term bullish trend that increased by about 14.34% towards the MA-200 resistance zone.

An opposing collapse of hidden bullish support sends the pair crashing south for a projected 13.26% on top Singapore broker trading terminals.

Bitcoin Fundamentals

(ETP) Physically-backed Bitcoin Listed  on SIXSwiss Stock Exchange

Nasdaq-listed asset managing firm WisdomTree on December 3 announced the launch of the ETP – physically-backed Bitcoin exchange-traded product that is set to be registered on SIX Swiss a key exchange in Switzerland.

Announcing the development, the firm also reported that Swissquote the online Swiss bank would work as a custody partner for the product. The product which they say is targeted at professional and institutional investors is being listed at a total expense ratio of 0.95% under the WBTC ticker.

WisdomTree head of Europe Alexis Marinof, in a statement, revealed that the company, having witnessed enough so far, have come to understand that Bitcoin BTC a digital asset is not a temporary trend, and can execute a part in traded portfolios.

Conclusion and Projection

After a 7.44% price plunge, the pair again closed beyond another bearish resistance for a quick entry into a long position. However, the $7431.07 resistance on the daily time frame proved to be a force to reckon with as price could not close above it from a daily chart perspective.

The bears resume their dominance on the BTC/USD price chart.

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
James Martin

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