Jeffrey’s Weekly Bit Chart View(11/26~12/2)

Last week, Bit Coin finished up with opening price of 5,660 dollars and closing price of 4,080 dollars.

The decline of Bit Coin was bigger than expected and the sub-indicators such as RSI indicated the lowest value.

Bit Coin is showing unclear direction either upward and downward.

Such trend reminds that trading is about response rather than prediction.

Above chart is the Bit Coin chart for 4 hours

Bit Coin showed increasing divergence around 3,600 dollars and the coin was adjusted after rallying up to 4,220 dollars.  

When examining the rally percentage of Fibonacci ratio for the last decline, 4,740-dollar position is placed on 0.382 percentage and 5,400-dollar position is placed on 0.618 percentage.

When analyzing with resistance toward coins in the market, 1st line of resistance is placed on 4,580~4,740 dollars while 2nd line of resistance is placed on 5,400~5,640 dollars.

The 1st line of support is located on 3,215 dollars and 2nd line of support is located on 3,000 dollars.

Also, the weekly peak of the moving average for 200 days is 3,215 dollars and monthly peak of the moving average for 120 days is 3,000 dollars. Those line of supports enhances reliability.     

Above chart is the Bit Coin chart for 12 hours.

The moving averages are declining. Especially, short-term moving averages are showing sharp decrease steeper than 45 degree.

Considering the long-term moving average and estrangement ratio, the rally could be expected. However, it only applies to rally transaction and it does not mean stable transaction.

In addition, variability could be expected on November 26, 7:00 PM.

 

 

Columnist Jeffrey (news@dailycoinews.com)의 기사 더 보기

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