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Bitcoin (BTC) Price Analysis: Stuck to the Dominant Downtrend

Bitcoin (BTC) Price Analysis: Stuck to the Dominant Downtrend

2019-12-17 11:32:00
Nick Cawley, Strategist
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Bitcoin (BTC) Price Forecast, Analysis and Chart:

  • Cryptocurrencies sell-off across the board.
  • Bitcoin’s downtrend remains in control of price action.

If you are interested in trading the cryptocurrency market, we have produced aDay Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

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Cryptocurrencies All in The Red

A heavy sell-off across the cryptocurrency space in the last 24 hours has seen most of the major cryptos giving back recent gains. With little reason behind the sell-off, the worry going into the end of the year is that buyers will retreat to the sidelines and let the market find an equilibrium before returning.

Cryptocurrencies showing heavy losses

Data via CoinMarketCap

Bitcoin has seemingly escaped the worst of the sell-off and continues to gain market dominance. BTC dominance is currently at 67.2%, just below the mid-September high of a fraction under 70%. The last time Bitcoin was at this level was back in late-March 2017.

The daily Bitcoin price chart shows the downtrend off the mid-July high remains in place and is currently acting as a magnet for price action. A break and close below this trendline would boost the current negative market sentiment and open the way for BTC to re-test $6,528, the multi-month low made on November 25. If Bitcoin is unable to hold this level, further sell-offs could see a cluster of old horizontal support levels tested, all the way back to $5,769. The CCI indicator is showing the market is currently oversold, which may temper any further sell-off, although BTC is now below all three moving averages, another bearish signal.

Bitcoin (BTC) Daily Price Chart (April – December 17, 2019)

Bitcoin price chart showing losses

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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