Bitcoin Drops Below Major Price Support for First Time Since

[UmaR9 0]

• Bitcoin has found acceptance under the three-day chart's 200-period average for the first time in seven months.
• The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500.
• A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions.
• A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal.

Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support.  

The top cryptocurrency by market value fell by 6.33 percent in the three days to Dec. 17 (data from Bitstamp), erasing almost the entire corrective bounce from $6,500 to $7,870 witnessed in the last week of November. 

More importantly, the three-day candle, representing the price action for Dec. 15-17, closed below the 200-period moving average (MA) – a level considered a barometer of the long-term market trend. 

That's the first time the 200 MA has been breached since May. Bitcoin now faces stronger selling pressure and could see a drop below the November low of $6,511.

At press time, bitcoin is changing hands at $6,640 on Bitstamp, representing a 3 percent decline on a 24-hour basis. The three-day 200-period MA is lined up at $6,948. 

3 minutes ago, UmaR9 said:

• Bitcoin has found acceptance under the three-day chart's 200-period average for the first time in seven months.
• The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500.
• A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions.
• A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal.

Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support.  

The top cryptocurrency by market value fell by 6.33 percent in the three days to Dec. 17 (data from Bitstamp), erasing almost the entire corrective bounce from $6,500 to $7,870 witnessed in the last week of November. 

More importantly, the three-day candle, representing the price action for Dec. 15-17, closed below the 200-period moving average (MA) – a level considered a barometer of the long-term market trend. 

That's the first time the 200 MA has been breached since May. Bitcoin now faces stronger selling pressure and could see a drop below the November low of $6,511.

At press time, bitcoin is changing hands at $6,640 on Bitstamp, representing a 3 percent decline on a 24-hour basis. The three-day 200-period MA is lined up at $6,948. 

 

good

vip

[febriyana 934]

I don't know about technical analysis.

but if i see from the graph i can predicted the price will going down until Januari or Februari. Maybe can missed.

I prefer still using Bitcoin, because i believe with many circulation of transaction will make Bitcoin confident again to going up.

[sdsonjoy50 886]

Many crypto researchers say bitcoin will come down to $ 6600, and I also think bitcoin will not come down to $ 6600, and since January may be a bitcoin pump, we need to wait now to have a bad time.

[tienda 8776]

If will be real what they say, don't miss your opportunity about that, if the Bitcoin price drops below major price, buy it because the next year sure will go up, Bitcoin price currently is betaeen 6700 and 6800.

Edited December 18, 2019 by tienda

[bliznec 22268]

I think that this is a great price of $ 6,800 to buy bitcoin today. Tomorrow Bitcoin will cost much more and you can make a profit. 

[Satya31 865]

19 hours ago, UmaR9 said:

• Bitcoin has found acceptance under the three-day chart's 200-period average for the first time in seven months.
• The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500.
• A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions.
• A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal.

Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support.  

The top cryptocurrency by market value fell by 6.33 percent in the three days to Dec. 17 (data from Bitstamp), erasing almost the entire corrective bounce from $6,500 to $7,870 witnessed in the last week of November. 

More importantly, the three-day candle, representing the price action for Dec. 15-17, closed below the 200-period moving average (MA) – a level considered a barometer of the long-term market trend. 

That's the first time the 200 MA has been breached since May. Bitcoin now faces stronger selling pressure and could see a drop below the November low of $6,511.

At press time, bitcoin is changing hands at $6,640 on Bitstamp, representing a 3 percent decline on a 24-hour basis. The three-day 200-period MA is lined up at $6,948. 

 

good

vip

Yeah that was very low for the last few months. But see one thing that the value was not stable. That was just for some hours. And the price was under $7000 before also but not that much low. See now again this price is gone to above $7100 and afterwards it will go high. 

[Linkkoin 116]

19 minutes ago, Satya31 said:

Yeah that was very low for the last few months. But see one thing that the value was not stable. That was just for some hours. And the price was under $7000 before also but not that much low. See now again this price is gone to above $7100 and afterwards it will go high. 

We will see a lot of sideaways trading, such jumps as of today, but as well we may see a sudden drop below $6000 (expect huge bounceback soon after!), from mid December to Mid January there is a general annual downtrend anyway.

[SuperCrypto 7193]

Bitcoin prices rose on spot transactions on Wednesday for the first time in the last three days, as part of attempts to recover from the lowest level in three weeks recorded earlier yesterday.

[fuer44 1083]

do not panic with this situation, even many who want bitcoin can go lower, because it requires a process and a high increase process requires prices that start from the lowest.

[andrehol 16294]

Yes, this is disturbing news for Bitcoin holders. But you can’t panic. Price reduction is a matter for large players. Crypto is being introduced all over the world, and the price is falling - this is not normal.

[bentayebsalah 2280]

Bitcoin decrease significantly means that there are large quantities of bitcoin have been sold and this affects the price greatly, but bitcoin remains fine because these quantities will be purchased by other people

[Benjamin 84]

Well i th8nk it will be not dropped it by $5000+ it will be stable at the range of $6900 to $6000 because the halving of bitcoin will be started in 2020 so that we can wait it for the better value to get some big money from it.

[patitaycute 648]

Since Bitcoin falls to $6500 many predicts that Bitcoin will continue to fall to $6000 but expectedly Bitcoin bounce back to $7100 this day. It was good for people holding their Bitcoin in the future.

[Sumayya 493]

This was the first time in this year that bitcoin went below the major support, but it soon recovered back on it

[Sapdrx 469]

On the long term Bitcoin is still bullish. I see Bitcoin testing the resistance levels around 8,500 USD. If Bitcoin stays above this resistance we can expect further uptrend. If not we can expect a temporally downtrend.

[Amirul Islam 382]

On 12/18/2019 at 9:28 PM, UmaR9 said:

• Bitcoin has found acceptance under the three-day chart's 200-period average for the first time in seven months.
• The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500.
• A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions.
• A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal.

Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support.  

The top cryptocurrency by market value fell by 6.33 percent in the three days to Dec. 17 (data from Bitstamp), erasing almost the entire corrective bounce from $6,500 to $7,870 witnessed in the last week of November. 

More importantly, the three-day candle, representing the price action for Dec. 15-17, closed below the 200-period moving average (MA) – a level considered a barometer of the long-term market trend. 

That's the first time the 200 MA has been breached since May. Bitcoin now faces stronger selling pressure and could see a drop below the November low of $6,511.

At press time, bitcoin is changing hands at $6,640 on Bitstamp, representing a 3 percent decline on a 24-hour basis. The three-day 200-period MA is lined up at $6,948. 

 

good

vip

This is not first time. We saw this kind of situation many time in crypto market. I think it's cause for big whales. They manipulate the market for their own profit.

[Xsimple 441]

I think that is happen because of the panic selling of many holder of bitcoin and when the whales buy back that is when the price started to go up.

[maxiway 44]

excellent information, thanks for always providing information that can help us in the future and also to share with other people, it is a very good topic.

[Sasaki 171]

Bitcoin is very volatile and the price of it might change by time to time, so we need to be patient and wait for the opportunity to come, investing and holding btc is not simple but we should know that every decision we make can help us to analyse the price of the btc.

[Babubu609 0]

On 3/25/2020 at 7:08 PM, Olivia220 said:

Thanksgiving good comment about that y if you invest in something maybe from January of next year you will pump bitcoin there are many opportunities you can make a awesome profit thanx.

May be within some months but cannot be very far but sooner as predicted by predictors

[Nezar 7169]

Frankly, the cryptocurrency market has witnessed a very large drop in prices and the price has reached $ 4,000, but I think the price will return to the increase and may reach more than $ 10,000 in the coming months.

[Hanan951 841]

We can see in 2020 we see that 6k is now the support line that is trying to make the bitcoin up this price and the support line now is getting weaker every day because the price not stay above the 6800 one day .

[magd 5231]

The external pressures that the cryptocurrencies were exposed to are the reason for the decrease in the price of bitcoin to the price of the support price, because we have noticed a lot of economic recession in the recent period with bitcoin currencies monopolizing the hands of the most mining people of the currency, which caused a shortage in currencies and the price is falling, but now we find a recovery in the price case

[Captain Karim 0]

The talk about the price of Bitcoin and its decrease or rise does not end, so I will suffice to say Bitcoin is a very volatile currency and everyone will always fail to expect its price in the long or short term.

[Thekingcallme 1975]

It is normal for Bitcoin to drop in price, and for this nature to rise rapidly and fall rapidly, this should be predicted through analysis