Weekly outlook of BTCUSD – December 9 2018

BTCUSD – Weekly Technical Analysis for Bitcoin


The first day of this week also happens to be the first day of a new month (December). Following a bearish closing November and an increasing bearish pressure signaled by the double bearish accumulation pattern formed at the close of September and October, it seems like the bears have not had enough of this bloodbath. Read on as we look into the fundamental and technical events that are at play on a different time scale of the Bitcoin chart.


Review of Past and Upcoming Events in the Bitcoin Community

BTCUSD Analysis for Bitcoin Price- December 9 2018

We’ll be making reference to the above daily BTCUSD chart for the not too past events and upcoming events.

November, 30 2018 – IQOption: November Last Trade 

According to IQOption analysts, the last trade of Bitcoin futures contract for the month of November coincides with a breakdown of bullish accumulation at the closing price of the same day. This is a high probability short selling setup as both fundamental and technical setups take place simultaneously.

Upcoming Events

December 12 2018: Bakkt Launch

The Intercontinental Exchange, Bakkt will be having an official cryptocurrency platform launch on the 12th of December which has been pending regulatory approval. Cryptocurrency enthusiasts and investors will be on the lookout for patterns that may give clues towards a bullish recovery.

December 28 2018 – CME: December Last Trade 

This event is a very important one as it happens to be the last event for the year. A formation of technical price pattern between the daily, weekly, and monthly time frame often hint on the direction of the first quarter of the new year 2019.

4-HR Chart of the BTC/USD

Following a series of bearish closing bars before November 20, price forced the MACD oscillator to form a golden cross pattern with the MACD below the zero level, showing a general bearish sentiment. The price established a bullish accumulation pattern just after the MACD golden cross. An increasing sell pressure forced the price to close below the support of the bullish accumulation pattern thereby leading to the bearish trend continuation. This formation was later followed by a combination of bearish accumulation and another breakdown of bullish accumulation, again forcing the BTCUSD into a series of bearish closing candles.

Towards the end of the bearish consecutive bars, a bullish outside bar formation was triggered, hinting an early entry for a bullish trend as well as a bullish regular divergence pattern. This in combination with a double bottom pattern and a triple bullish accumulation pattern on November 28, pushed price upwards for another 12.62%.

An opposite bearish hidden divergence on November 29, brought the bull swing to an end as the BTCUSD enters into a downward spiral.

2-HR Chart of the BTC/USD Pair

Similar to the 4hr chart, the above 2hr chart breaks out of a double bearish accumulation on the November 27, reinforcing a decision to switch the trend towards a bullish direction. Breakdown of bullish accumulation pattern in a 

A breakdown of bullish accumulation on 29th  and 30th November brought an end to the bullish thrust, as the bitcoin price enters into a bearish swing where price again triggers another breakdown of bullish accumulation on December 1. This bearish breakdown, along with a series of bearish accumulation patterns got price into a bearish trend.

Conclusion and Projection

The bearish outlook for the BTCUSD continues to wax stronger as the bulls fail to hold on to their support levels.

Weekly Chart of the BTC/USD Pair

The closing price for the previous week on November 26, got price forming a bullish closing inside-bar after the BTCUSD plummet from a bearish accumulation pattern as illustrated on the weekly Bitcoin chart. The bullish closing inside bar is considered a weak campaign for a bullish rally, as a result, a bearish price close below the support of the inside bar ignites the bearish trend.



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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