Bitcoin may break its three-year December winning streak unless prices convincingly cross key resistance at $4,410 in the next few days.
The leading cryptocurrency by market value gained 14 percent, 30 percent and 40 percent in the last month of 2015, 2016 and 2017, respectively, according to CoinDesk's Bitcoin Price Index.
The odds are stacked against BTC extending that winning streak this year.
Further, the corrective bounce from recent lows below $3,500 ran out of steam near $4,410 last Thursday, validating the strong bearish view put forward by the break below the 21-month EMA. Meanwhile, historical data shows BTC broke a similar three-year December winning streak in 2013.
As seen above, BTC scored gains in December in 2010, 2011 and 2012 before ending the trend in 2013 with a 33 percent drop.
That said, the odds of BTC extending the December winning streak would rise if prices clear the newly established resistance of $4,410.
As of writing, BTC is trading at $3,980 on Bitstamp, representing 1.1 percent drop from its monthly opening price of $4,024.
View The probability of BTC extending the December winning streak this year is quite low.
BTC will likely score gains in December for the fourth year straight if newly established resistance at $4,400 is convincingly scaled in the next few days.
Bitcoin image via Shutterstock; price charts by Trading View.
Will Bitcoin Price Snap Three-Year December Winning Streak?
gepubliceerd op Dec 3, 2018
by Coindesk | gepubliceerd op Coinage
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