Jeffrey’s Weekly Bit Chart Prospect (Dec.03~Dec.09)

Last week, Bitcoin stopped its sharp decrease over the two weeks and finished the week with slight increase.

However, based on the daily graph, the bottom level pattern has not been created and the possibility is open for upward and downward. It is hard to make a prediction in such situation. 

To secure investments in this situation, it is better to enter after checking the trend for a long time rather than grasping the low point. Also, it would be safer to watching the pattern after exceeding 4,150~ 4,200 dollars or 4,220 dollars. 

Above chart shows the Bitcoin flow for 4 hours. When examining the decreases, the 20-day moving average of orange color sharply decreased below the line of resistant in the 4-hour chart during the sharp decrease.

When the market was stabilized, Bitcoin showed increase above the 20-day moving average.

In the current figure, it is hard to make prediction on whether additional decrease would happen in double-humped form or exceed the line of resistance after the convergence. The seed may easily disappear when excessive low point is set in this situation. Rather, it would be wise to purchase Bitcoin after settling in 20-day moving average even if it is more expensive.

For your reference, in the rally of Fibonacci ratio for the last increase, ratio location of 0.618 is 3,990 dollars. Thus, it would be wise to organize position and wait for the stabilization for breaking away.

Above chart shows the Bitcoin flow for 12 hours. The double-humped curve in the small wave figure shows the bad situation of current wave figure. 

Also, when breaking away from the previous low point of 3,770 dollars, the reversed head-and-shoulder pattern could be expected in the bottom pattern.

December 4th, 12:00, and December 6th 1:00 may bring about variability and it is recommended to check the chart around this time.

 

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

- Daily Coin News prioritizes the voice from the scene over others(news@dailycoinews.com) -

[copyrightⓒ 2018 All rights reserved by Daily Coin News]

Bitcoin price when registering article
BTC-USD : $ 3,884.90 USD (API by Bitfinex)

6 0 Write