Bitcoin update. BTC-USD on December 14, 2018

December 14, 2018

Bitcoin remains bearish, both globally and currently. Consolidation below recent support, which has been pierced, rather indicates the likelihood of getting one more step below, instead of forming a rebound to 5000 (for the moment). The RSI is too oversold, on the scale of the month it lasts a long time in the oversold zone and may continue this movement for some time. On a weekly scale, the RSI has dropped to record levels and reached its minimum level and may begin to increase, but in the month format, the market will still remain oversold. Monthly MACD also looks bad and has the potential for further decline. Judging by the formation of candles, this month we are staying near the current levels and most likely we will go down to 3000 and even be able to break through it. The week scale candle closes below the previous one, which is very bad and the next weekly candle will most likely show a new low. For the near future, there are no bull signals. On a 4-hour scale, we consolidate under the broken support, and most likely the result of consolidation will be the next large red candle. At the moment, a general view of Bitcoin shows an absolutely bear market.

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