Bitcoin to USD ( BTCUSD ) Weekly Outlook , December 13 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
Introduction
Napoleon AM, a Paris-based asset management firm, launched a professional Fund under French laws, dubbed the Napoleon Bitcoin Fund (NBF).
The NBF would function by making a replica price of cash-settled Bitcoin Futures on the CME, a first of its kind that gives exposure to the BTC, allowing for diversification of institutional portfolios.
The Bitcoin BTC price resumes its bearish descent on Binary.com platform following a decline in miners’ reward.
Should we expect the Bitcoin price to enter the $6K to $5K region by the end of the year? Let’s analyze the charts and touch on some interesting news events in the crypto space.
BTCUSD Technical Analysis
Weekly Chart
Resistance: $1235.00, $10955.48, $9586.50, $7772.71
Support: $7087.09
Inspecting the Bitcoin price from a weekly viewpoint, we recognize a slowing in the exchange rate as the number one crypto pair closed above the MA-50 on Nov 25, 2019.
An accumulation of buy orders is flagged after a bullish close within last week’s high-low range, implying optimistic activities.
Therefore, a collapse of $7511.55 support would signify an uptick in selling influence, transferring the BTC rate towards the $6K-$5K area across all bitcoin broker terminals.
Daily Chart
Resistance: $8231.04, $7340.52, $7772.71
Support: $6515.00, $7087.09
The bearish sentiment is sustained on the daily time horizon after a failure of support on Nov 18, 2019, that sent the pair southbound by say, 20.26% to the present fourth quarter low of $6515.00.
On Dec 05 ’19, a bear-trap pattern suggests the chance of a price flow towards the MA-50. However, the Dec 04, 2019, resistance serves as a key resistance that may prevent further price advance.
The bearish trend should resume should the price close lower than the $7087.09, and a follow up with the bearish trend.
4Hour Chart
Resistance: $7772.71, $7563.00, $7618.99
Support: $7087.09
Let’s conclude our analysis of the BTCUSD on the 4hour time frame.
The Bitcoin price breached the Dec 04 bearish resistance, therefor setting a bullish outlook on the lower time horizon.
However, a collapse of the $7430.80 double bullish support on Dec 08 00:00 switch the marker polarity to bearish.
Let’s check out an update to the same 4hour time frame and see what has changed before publication.
See how the bullish supports on Dec 09 00:00, 08 12:00, and 06 20:00, give in to expanding bearish pressure.
As a result, we expect new lows to be established after the four bearish resistant candlestick formation on Dec 11 04:00.
Bitcoin Fundamentals
IDEG, Coinbase Custody Launch Bitcoin Trusts
Digital asset manager IDEG is launching set to launch two Bitcoin (BTC) trusts according to a press release on Dec 08.
The two new funds, which will be Asia’s first, are Asia Bitcoin Trust I and Atlas Mining Trust I.
Both trusts are has been reported will be kept custody by Coinbase Custody while the Asia-based Profound Trust Company will act as trustee for the trusts.
Both trusts is believed to be worth $200 million combined.
Conclusion and Projection
To conclude, the Bitcoin price will have to close below the $7087.09 support level on the weekly time frame for us to see the price enter our projected price range of $6000.00 – $5000.00.
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