As an update to the last price analysis that was put out, let’s go ahead and take a short-term look at the price of bitcoin:
(14) is still climbing progressively and the price has re-corrected itself.
Once again, the overhead resistance at $4.2k is still pertinent for .
For the time being, things appear safe on the . So, let’s go ahead and zoom into some smaller resolutions to see what the immediate term price action could be.
H4 Resolution ( )
We can see that the (14) is nearly in the overbought range for on the H4 resolution. However, this is a danger zone (to some extent) because the two previous times that the (14) was in the overbought zone on the H4 resolution, there was a turndown.
Current Price Action
Today, there is a surge in the price of as it races slightly past the $4.2k resistance (on Bitfinex).
Let’s check the price on Coinbase:
The situation that we’re observing here on , though, could be one of a potential re-test of that $4.2k overhead resistance (that the price broke down south of), before it returns down to the lower levels of the $3k’s.
Conclusion
Currently, my idea on this is that there should be a long position on would be risky.
In my opinion, a short would be much better advised from where is currently.
Published at Mon, 24 Dec 2018 02:05:13 +0000
