Bitcoin Price Patterns December 2019: A Comprehensive Analysis

　　In December 2019, the cryptocurrency market experienced a significant surge, with Bitcoin leading the charge. The month was marked by various price patterns that investors and traders closely monitored. This article aims to provide a comprehensive analysis of the Bitcoin price patterns observed during December 2019.

　　Bitcoin Price Patterns December 2019: The Bullish Trend

　　The Bitcoin price patterns in December 2019 were predominantly bullish. The month began with Bitcoin trading at around $7,200, and by the end of the month, it had surged to $7,800. This upward trend can be attributed to several factors, including increased institutional interest, regulatory news, and overall market sentiment.

　　One of the key price patterns observed during this period was the ascending triangle. This pattern is characterized by a horizontal resistance level and an ascending trendline. Bitcoin repeatedly tested the resistance level but failed to break it, indicating strong buying pressure. Eventually, Bitcoin broke out of the ascending triangle, signaling a potential upward trend.

　　Bitcoin Price Patterns December 2019: The Head and Shoulders Pattern

　　Another notable price pattern in December 2019 was the head and shoulders pattern. This pattern is a bearish reversal pattern, and its occurrence in the Bitcoin market raised concerns among investors. The pattern consists of three peaks, with the middle peak being the highest. Bitcoin formed a head and shoulders pattern, with the left shoulder forming in early December, the head in mid-December, and the right shoulder forming in late December.

　　However, it is important to note that the head and shoulders pattern is not always a reliable indicator of a bearish trend. In this case, Bitcoin managed to break out of the pattern, suggesting that the bearish trend may not materialize. This breakout can be attributed to strong buying pressure and positive news surrounding the cryptocurrency market.

　　Bitcoin Price Patterns December 2019: The Golden Cross

　　The Golden Cross is a bullish price pattern that occurs when a shorter-term moving average crosses above a longer-term moving average. In December 2019, Bitcoin formed a Golden Cross, with the 50-day moving average crossing above the 200-day moving average. This pattern is often seen as a sign of strong momentum and potential upward price movement.

　　The Golden Cross in December 2019 indicated that Bitcoin was gaining momentum, and investors were optimistic about its future. This pattern, combined with the other bullish price patterns observed during the month, contributed to the overall upward trend in Bitcoin's price.

　　Conclusion

　　In conclusion, December 2019 was a significant month for Bitcoin, with various price patterns shaping the market dynamics. The ascending triangle, head and shoulders pattern, and Golden Cross were among the key price patterns that investors and traders closely monitored. While the head and shoulders pattern raised concerns, Bitcoin's ability to break out of the pattern and continue its upward trend was a testament to the resilience of the cryptocurrency market. As Bitcoin continues to evolve, understanding these price patterns can provide valuable insights into the future movements of the market.

Like!（3）