Bitcoin Trend Series / EP. 750 / 7th Dec. 2018
Recapitulation
- Bitcoin price resumed its negative trading after testing 3.860K and succeeded to achieve our waited target at 3.475K, suffering more losses and heads towards potential test to 3.100K! The main trend is down, supported by the negative pressure provided by EMA50. So overall our bearish setup stands intact, conditioned by the price stability below 3.860K.
Market Factors
Digital asset manager Bitwise has launched two new beta funds for Bitcoin (BTC) and Ethereum (ETH). The launch of the new products reportedly aims to provide a “low-cost” and “liquid” means of capturing returns on both high-profile assets, currently trading 81 and 92 percent respectively below their all-time highs.
American global management consulting firm A.T. Kearney suggests that Bitcoin will reclaim two-thirds of crypto market capitalization by end of next year. Currently, Bitcoin dominance is about 54 percent. This means that Bitcoin will move up at the expense of altcoins. Investors should avoid buying shady cryptocurrencies and stick to ones with visibility.
Technical
- The bearish trend is still suggested unless breaching 3.860K and holding above it.
- We believe that the Bitcoin will witness strong buying in the 3.000K – 3.100K zone.
Sentiment
Support 1: 3100.000 level.
Resistance1 :3475.000 level.
Support 2: 3000.000 level.
Resistance2 :3860.000 level.
Expected trading for today:
is between 3100.00 and 3860.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of substantial returns down the road.
I've been talking about finding a bottom for Bitcoin. I think I'm one of the few who isn't focused on price.
On the weekly chart: we will see a bottom when RSI hits below 30 AND the 100 MA crosses the 200 MA.
It's as simple as that.
Thanks for sharing your outlook. I think $3000 will hold strong support as well.
You were on point with your chart yet again : )
Let's hope you are right!