Bitcoin chalked up its longest monthly losing streak in seven years in December.
The leading cryptocurrency by market value closed at $3,689 on Dec. 31, representing a 13 percent drop from the monthly opening price of $4,241.
That was the fifth straight monthly loss - its worst period since November 2011 - according to CoinDesk's Bitcoin Price Index.
BTC gained 59 percent in December 2011 and traded at record highs above $900 in November 2013.
The cryptocurrency is looking oversold, having lost 52 percent in the last five months and 70 percent in 2018.
Further, on technical charts, a long run bullish reversal would be confirmed above the 21-month exponential moving average of $5,547.
Bitcoin is likely charting an inverse head-and-shoulders bullish reversal pattern on the daily chart with the neckline resistance at 4,180.
View BTC could snap its five-month losing streak in January.
An inverse head-and-shoulders breakout, if confirmed, would validate the bullish divergence of the RSI seen on the 3-day chart and could yield a rally to $5,000 in the near-term.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin Price Suffers Worst Monthly Losing Streak in 7 Years
gepubliceerd op Jan 2, 2019
by Coindesk | gepubliceerd op Coinage
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