Bitcoin Analysis and Altcoin Market Dec 2020

Bitcoin Analysis and Altcoin Market Dec 2020

Before checking out the Bitcoin analysis, let’s check what bitcoin dominance indicates.

Bitcoin Dominance:

Bitcoin dominance means how much market capital owns in the form of Bitcoin. If bitcoin dominance is high, that means money flaws towards the bitcoin. In simple word, people are buying bitcoin by selling altcoins or by cash.

Bitcoin dominance plays a critical role to understand the market status. If the Bitcoin dominance is high, that means there is a chance to having significant move on up direction means the BTC will rise. If Bitcoin dominance dump that means money is going out from the Bitcoin means people selling bitcoin to buy other coins which know as Altcoin Season as well.

Today, we can see Bitcoin dominance is at 63.65 and nearly to resistance. If Bitcoin dominance index breaks this resistance, then Bitcoin will show some grater move on the upside. If it is unable to break the resistance, then we will see alt season this month. Let’s see how they react in the coming days.

 

Bitcoin Analysis Dec 2020

The charting tool is TradingView, and Bitcoin analysis exchange is Bybit.

Bitcoin is struggling to break the resistance at $19,500, and we had shared short signal in Bitcoin when it was trading around $19,480 with a target of $17500 – $18000. You can see before and after of the analysis as below.

Before:

 

After:

Today, when bitcoin drop our trade got closed.

 

What can be the price of BTC in Dec 2020? – Bitcoin Analysis

According to the chart, if Bitcoin close daily candle above $18,000 then bullish sentiments will remain as it is and can reclaim the top resistance as you can see in the below chart. In case, Bitcoin drops and close below $18k – $17.8xx then we will see the next target of bitcoin where it can get support is at price range $16k to $15,500.

 

That’s all for today. If you want to know about technical analysis of any coin, then you join our telegram group and ask our expert.

 

Bitcoin Update 11th December 2020

As said above, BTC close in the range of given channel on 9th of Dec and made a high of $18,630 Bybit exchange price. But on the following day, the weak resistance zone played very well, highlighted in the red color and bitcoin dumped from the point.

Right now, on 11th Dec 2020 Bitcoin is again testing the support zone which is highlighted as 2 green lines with the price range $18,000 – $17,900. If in 4 hours timeframe BTC shows strong downward movement then there will be a big short opportunity up to small support zone at $16,5xx. If it works as I mentioned, then I will open short in Bybit.

Bitcoin Price Analysis 11th December

 

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