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Bitcoin price: The keys that hinder the upward trend in the short term in 2020

2019-12-10 08:51:55

This article will mainly talk about Bitcoin price and its short-term uptrend in 2020.

On Wednesday, the Bitcoin obtained a great rejection, leading to the consequence of an unexpected weakness, ending an upward trend in the short term in 2020, it is important to reflect more details about this situation of Bitcoin price and the answers will be the provision with this article.

What are the obstacles to a short term upward trend in 2020 of Bitcoin price?

During the US trading schedule on Wednesday, there was a jump of $ 7,200 to $ 7,800 of the currency, thus ending a downward trend, but it was only for a brief moment of time, as prices fell again, causing losses of 1.4 percent giving a price of $ 7198, data from Bitstamp, the radical decline that faced the crypto divide after reaching 7800 was a hard blow at the end of November, leading to low trends remain of prices, inverted hammer has been called this pattern.

The operators always wait for confirmation to carry out the relevant follow-ups, but there is no doubt that with this pattern the signal is still down, if it drops to the minimum cost of Wednesday that was $ 7087, if so, the downward pressure will be possibly higher, reaching a fall with greater intensity, the change is at $ 7330 at the time of printing, in 24 hours this represents a gain of 1.4 percent.

What are the obstacles to a short-term uptrend in 2020 (Daily chart) of Bitcoin price?

At the moment there has been no talk of the existence of a downward follow-up, but it does not mean that it will be walked on an upper side, because it remains below the resistance line downwards, through of the maximums that were achieved on October 26 and November 15, so that an increase is present, it must be above $ 7,870 on November 29, which will invalidate the low levels that it reached, now if acceptance below $ 7,087 is found, will bring the implication that this cost of $ 7,870 is a continuation of the sale and thus reach the low levels of $ 6,511, when producing a new test

On a 3-day chart, a pattern was traced by Bitcoin until November 29, of a bullish hammer but this has been the opposite, the rejection of the $ 7800 has been strong in the same way as before, which indicates everything that the outlook is neutral, the downward trend is still shown by other indicators, such as below 50 is the relative strength index of 14 days and 5 moving averages, in addition to having 10 weeks to the south.

I finish the article, being the topic discussed in the short term upward trend in 2020 for Bitcoin price, we want it to be useful informative content.

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