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After a very weak breakout from the previous pattern, Bitcoin created a descending triangle and broke down. It is creating a bearish continuation pattern aiming for $7100. The long-term outlook remains bearish.

Since the beginning of December, Bitcoin had been trading inside a descending triangle. The price broke down in the early hours of December 4. The breakdown occurred with a bearish engulfing candlestick created with significant volume. The closest support area is found at $7100.

After the breakdown, the Bitcoin price is making another descending triangle. Besides this being a bearish pattern, it is a continuation of a downward move — making it very likely that the Bitcoin price will again break to the downside.

This move would likely take the Bitcoin price to the previously outlined support area at $7100.

Looking at the weekly chart provides an extremely bearish sentiment.

First, the Bitcoin price broke down below the $7400-$7600 area that had been acting as support since May. Afterward, it fell below the 100-week MA. While it made an attempt at moving higher, it never reached a close and is now again trading below it. Therefore, the price has broken down below a significant support area and validated it as resistance. In the majority of cases, this results in a continued downward movement.

If the Bitcoin price breaks down from the current descending channel, it could reach $6000. For now, however, a lower low inside the channel near $6400 seems more likely — if the $7100 support area fails.

For our previous analysis, click here.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Shutterstock, TradingView.

The post Bitcoin Analysis for 2019-12-04 [Premium] appeared first on BeInCrypto.

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