XBTUSD Technical Analysis - 6 Dec. 2019 - Joe Trader
Updated
It's been a month since the last time I have posted a technical analysis for Bitcoin. So here are my outlook recently.
BTC has been consolidating these past few days and it really feels like we will for the next couple of weeks until Q1 of 2020. It feels like the sentiment is the same as last year at this same time. I think 2 things will happen:
1. Bitcoin will push for another low which will shake everyone. And it will be above the 5600 region based on the previous strong resistance which should turn support.
2. Bitcoin will break above 7860 will trigger the start of the Halving Event bull run which is 6 months from now.
Those are my predictions but do note that below 6000, is an area where mining stops being profitable. So should we get there, will miners quit mining even though they only have 6 months left to maximize their rewards before it is being cut into half? Apart from that, 6000 - 6300 is a very highly traded area which could act as a strong support.
My overall stance is still bullish over the long term. Every Bitcoin dip to me is a chance to spot buy and buy in low leverage. One thing I am sure is, We Are Almost There! Anytime from now a pump will trigger the start of an upside. So sit tight, don't get shaken out. HODL!
BTC has been consolidating these past few days and it really feels like we will for the next couple of weeks until Q1 of 2020. It feels like the sentiment is the same as last year at this same time. I think 2 things will happen:
1. Bitcoin will push for another low which will shake everyone. And it will be above the 5600 region based on the previous strong resistance which should turn support.
2. Bitcoin will break above 7860 will trigger the start of the Halving Event bull run which is 6 months from now.
Those are my predictions but do note that below 6000, is an area where mining stops being profitable. So should we get there, will miners quit mining even though they only have 6 months left to maximize their rewards before it is being cut into half? Apart from that, 6000 - 6300 is a very highly traded area which could act as a strong support.
My overall stance is still bullish over the long term. Every Bitcoin dip to me is a chance to spot buy and buy in low leverage. One thing I am sure is, We Are Almost There! Anytime from now a pump will trigger the start of an upside. So sit tight, don't get shaken out. HODL!
Note
Zz
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