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Bitcoin (BTC) Price Analysis for December 6

Can Bitcoin (BTC) set new peaks next week?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bulls could not seize the initiative for a long time and, as a result, most of the coins have come back to the bearish zone. XRP is the only gainer, rising by 1% since yesterday.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The capitalization market has also been affected by the decline of some coins and declined by around $2 bln; it is now at $564 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin today:

  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $353,408,265,775

  • Price: $19,037.68

  • Volume (24h): $26,460,814,684

  • Change (24h): -0.52%

The data is relevant at press time.

BTC/USD: How much time do bulls need to conquer the $20,000 mark?

The last day of the week might be bearish for Bitcoin (BTC) as buyers have failed to fix above $19,000 after yesterday's bounce back from $18,500.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has entered the correction phase, which is confirmed by selling trading volume and low liquidity above $19,500. The first stop at which bulls may try to seize the initiative is the support at $18,500. Such a scenario is relevant for the next several hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

The bearish short-term perspective is also relevant on the longer time frame. On the 4H chart, there are lowering highs, which means that buyers are not ready to continue the bull run from the current levels.

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Even though bears have not seized the initiative in the long-term projection, they are currently dominating based on high selling trading volume. The nearest zone in which a reversal might occur is the zone around $18,300.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has formed a bearish divergence on the RSI indicator, which is a signal of a correction. The upcoming decline is also confirmed by the low trading volume and liquidity level. In this case, bulls need to gain more power after a possible drop to the support at $17,879.

Bitcoin is trading at $19,054 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com