[2018-12-11] Bitcoin Recovery Weakens as Price Drops 4.4%, Dead Cat Bounce?

[Lmaooo]

The gains Bitcoin made during the Friday and weekend trading session fizzled at the beginning of this week.

The digital currency’s recovery lost steam after establishing an intraday high at 3640-fiat, now thrice in December. It dropped as much as 4.4% on Monday, confirming a weak bull sentiment near the said resistance area. At the time of this writing, Bitcoin has located support at a near-term rising dotted trendline and is trading at $3,420.

After zooming out the chart, the BTC/USD rate can be seen trending inside a circa $450-wide descending channel depicted in purple. Traders who believe that price will remain inside the channel can make bets when the pair fluctuates within the given parameters. For instance, the BTC/USD at press time is reversing from the upper trendline, creating a potential short opportunity towards the lower trendline. Similarly, a bounce back from lower trendline create a long opportunity towards the upper trendline.

CCN | https://www.ccn.com/bitcoin-recovery-weakens-as-price-drops-4-4-dead-cat-bounce/

[Kemarit]

That's why those so called support and resistance levels doesn't exist anymore because the market sentiments is very volatile and you just don't know if you will really everything in TA. Just like we witnessed 48 hours ago, the market is all green and everyone was very happy until without any signs, the market falls again and hovering just above $3400. So if you're really not that experience in crypto trading, might be better if you stay away for now because its going to be a very difficult to predict the price movement and of course chances of you making good profit will be slim.

[Haruderty]

That's why those so called support and resistance levels doesn't exist anymore because the market sentiments is very volatile and you just don't know if you will really everything in TA. Just like we witnessed 48 hours ago, the market is all green and everyone was very happy until without any signs, the market falls again and hovering just above $3400. So if you're really not that experience in crypto trading, might be better if you stay away for now because its going to be a very difficult to predict the price movement and of course chances of you making good profit will be slim.

That is right. For the time being, there are too few applications for BTC. So the price is mainly determined by speculation.