Number of Crypto Users Increase Despite 85% Market Correction

When all is said and done, people remained relatively loyal to bitcoin and crypto in 2018.

Crypto Says Goodbye to the Last 12 Months

This year has not been particularly kind to BTC, especially when compared with 2017, the year of the bitcoin boom. Last December, cryptocurrency enthusiasts and traders everywhere were treated with a special Christmas treat when bitcoin rose to just under $20,000 during the final weeks of the year. After a series of extensive price spikes throughout 2018, it appeared bitcoin had finally hit its mark.

But just a month later, bitcoin began to take a nasty fall, and that fall has never let up. At press time, bitcoin has lost virtually 85 percent of its previous value, and today, it’s trading for just over $3,400.

People Still Love Their Crypto

But that doesn’t mean people gave up on bitcoin and cryptocurrency altogether. A new report issued by the Cambridge Center for Alternative Finance suggests that the number of “newbies” entering the crypto space in 2018 practically doubled from the numbers listed for 2017. Despite bitcoin’s record (and consistent) drops, BTC and crypto users shot up more than anyone likely anticipated.

The authors explain:

“Conforming with popular narratives, survey data indicates that most users – both established as well as new entrants – are individuals and not business clients. Individuals can by hobbyists, retail investors, consumers or users seeking a better investment or payment alternative… Growth rates were at their highest in 2017, and the number of new users’ accounts as well as ID-verified users continued to rapidly grow in 2018 as well.”

Will Bitcoin Return to Greatness?

The data suggests one hugely positive thing: that bitcoin is potentially in line for another rally. If users continued to flock to bitcoin even during times of extreme crisis, that could mean recovery is on the way in the coming months – especially if new customers continue to flock to the space. It’s a nice little push forward considering some analysts predict bitcoin to fall even further.

Data issued in the report show that the number of user accounts on digital exchanges nears the 150 million-mark for 2018. This is almost double the number of accounts in 2017, which was only at about 80 million. In addition, the number of ID-verified accounts sprung from about 20 million to 40 million between 2017 and now.

However, the study confirms that bitcoin is still largely being used for investing purposes rather than for commerce or making purchases. Volatility remains extremely high, which has prevented bitcoin from being used as a potential “money replacement” more often.

NICK MARINOFF · DECEMBER 13, 2018 · 12:07 AM

David

Bitcoin (BTC) Daily Price Forecast â December 12

Bitcoin (BTC) Daily Price Forecast – December 12

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000

Support levels: $3,300, $3,200, $3,100

Yesterday, December 11, the price of Bitcoin was in a bearish trend. In the last 48 hours, the price of Bitcoin had been in the bearish trend zone. The crypto's price had been fluctuating above the $3,400 price level. It was suggested that if the bears broke the $3,400 price level, the crypto will resume the downtrend and price is expected to test the $3,000 price level.

Today, the crypto's price is below the EMAs and price is fluctuating above the $3,400 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. In the bearish trend of yesterday, the crypto’s price fell to the low of $3,413.3 and commenced a bullish movement on the upside. The bulls broke the 12-day EMA but were resisted by the 26-day EMA and price fell back to the bearish trend zone.

Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Relative Strength Index period 14 is level 37 which indicates that price is nearing the oversold region.

By Azeez M – December 12, 2018

David

Bitcoin price weekly analysis â 11.12.2018

Bitcoin price weekly analysis – 11.12.2018

Bitcoin price continued on plummeting throughout last week’s trading sessions, recording a week low of $3,277 last Friday. However, after the week low was recorded, the market began recovering slightly and the bulls managed to push bitcoin price above $3,600 on Sunday. Despite the 14% drop we witnessed last week, the market’s bears failed to pull bitcoin price below $3,192, which represents a critical support level, as per the current market conditions. If bitcoin price continues on recovering during the upcoming week, it won’t face significant resistance except near $4,282, which corresponds to the 76.4% Fibonacci retracement level.

Bitcoin price and the news:

In another disappointing week for cryptocurrency enthusiasts, the price of bitcoin continued on dropping to record a new low during 2018. As such, bitcoin price lost more than 50% of its market capital in less than a month. The bearish wave also affected Ripple (XRP), Stellar (XLM), Ethereum (ETH), EOS, Litecoin (LTC), and Bitcoin Cash (BCH), which witnessed 10-20% price drops during last week’s trading sessions.

Last week, the SEC announced that they are to postpone the ruling of Bitcoin’s ETF until late February. This did not help boost the confidence of crypto investors who seem to be reaching a point of capitulation.

The Bitcoin Network overall hash rate continued on dropping throughout the previous week. Bitcoin’s hash rate has been dropping since the beginning of November, even though it has been steadily rising all through 2018, recording historical highs last August. The reasons behind this decline include:

– Shutting down of mining operations by the Chinese government

– Hash power of mining facilities being redirected away from bitcoin to mine other cryptocurrencies

– Decline of mining profitability forced a considerable percentage of miners to cease mining operations entirely.

Red Ichimoku Cloud on the 1 day BTCUSD chart:

Let’s examine the 1 day BTCUSD chart from Bitfinex, while plotting the Ichimoku Cloud, the Williams Alligator’s SMAs, and the MACD indicator, as shown on the below chart. We can note the following:

– To identify key resistance and support levels as per the current market, we will plot Fibonacci retracements extending between a low of $3,192 and a high of $7,758. Last week, bitcoin price dropped significantly, after the market’s bears managed to breach the support level around $4,282, which corresponds to the 76.4% Fibonacci retracement. Now, the next significant support level lies around $3,192. Last week, bitcoin price began recovering after a low of $3,277 was recorded, which is around $90 higher than the critical support level around $3,192. On the upside, the market’s bulls will face significant resistance around $4,282 (previous support turns into resistance).

– The Ichimoku Cloud is exhibiting multiple bearish signals, which denotes that bitcoin price is most likely to continue on dropping during the upcoming week. The Ichimoku Cloud is red. Bitcoin price is way below the cloud (bearish signal). Also, the Conversion Line (blue line) has crossed below the Base Line (red line), which represents another bearish signal.

– The Williams Alligator’s SMAs are exhibiting a bearish alignment, as the teeth (red SMA) is between the jaw (blue SMA) from above, and the lips (green SMA) from below.

– The MACD indicator is in the negative territory, yet the blue MACD line has crossed above the red signal line.

Bullish reversal signs on the 4 hour BTCUSD chart:

Now, let’s examine the 4 hour BTCUSD chart from Bitfinex, while plotting the Williams Alligator’s SMAs and MACD indicator. We will also keep the Fibonacci retracements we extended on the 1 day chart, as shown on the below chart. We can note the following:

– Right after the week low was recorded, a “bullish engulfing” candlestick pattern was formed on the chart (the pair of candlesticks highlighted by an ellipse on the above chart). This candlestick pattern serves as a bullish reversal signal denoting that bitcoin price can recover and attempt rising towards $4,282 during the upcoming week.

– Even though the Williams Alligator’s SMAs have been exhibiting a bearish alignment since the beginning of December, this alignment began to change on Sunday to form a bullish alignment. This serves as a bullish reversal signal that denotes that the bears are losing their market grip.

– The MACD is bullish. The MACD blue line has crossed above the signal red line and both are sloping in an upwards direction, which represent another bullish reversal signal.

Conclusion:

Bitcoin price continued on dropping during last week’s trading sessions. Even though the 1 day BTCUSD charts are still exhibiting multiple bearish indicators, analysis of the 4 hour BTCUSD charts shows multiple bullish reversal signals that indicate that bitcoin price is likely to recover during the upcoming week.

POSTED BY: TAMER SAMEEH DECEMBER 11, 2018

David

Bitcoin Price Recovers 12% in 72 Hours While Traders Remain Cautious in Short-Term

ince December 8, the Bitcoin price has increased from $3,210 to $3,588, by just about 12 percent against the U.S. dollar.

In the same time frame, the cryptocurrency market added $11 billion to its valuation, avoiding a further drop below the $100 billion mark, which could have been critical for the short-term trend of the market.

Most major cryptocurrencies including Ethereum (ETH) and Bitcoin Cash (BCH) have been able to rebound from low double digits, as technical indicators started to demonstrate extremely oversold conditions.

But, traders and technical analysts remain cautious towards the short-term price trend of cryptocurrencies until major resistance levels are broken.

$3,700 For Bitcoin

Since early December, the value of Bitcoin has continuously fallen from the mid-$4,000 region, struggling to maintain its momentum and show any sign of stability.

According to DonAlt, a prominent cryptocurrency technical analyst, until Bitcoin breaks out of the $3,700 resistance level, it will remain in a tight range between $3,300 to $3,600, unable to engage in a major price movement.

The analyst said:

“Another good day for BTC. That said it’s still nowhere close to turning bullish on the higher time frames. While the low timeframes look decent, BTC hasn’t even reclaimed the previous trading range. Until it does, no swing long trades.”

As Alex Krüger, an economist and a cryptocurrency trader, recently emphasized, BTC is in a significantly better position to enter an accumulation phase and a consolidation period because it has been able to minimize its loss during several steep market sell-offs.

When compared to both Ethereum and Bitcoin Cash, Bitcoin has kept its value fairly well given the intensity of the market crash throughout the past two months.

ETH and BCH have recorded 93 percent and 95 percent losses respectively against the U.S. dollar, and BTC would have to drop another 72 percent from the current price range to experience a similar drop as the two digital assets.

“Performance from all-time-highs to date, for the main cryptoassets: BTC -82%, XRP -86%, ETH -93%, BCH -95% (using Bitfinex’s data). These may all look equally bad. It is not so. The difference between -82% and -95% is a further 72% drop,” Krüger explained.

Market Still Nervous

Several analysts have reaffirmed that as long as the dominant cryptocurrency remains below $3,700 and struggles to demonstrate a major breakout, the market is at risk of dropping to a new yearly low.

Historically, the cryptocurrency market has taken around 67 weeks on average to recover from a large correction and achieve a new all-time high.

While positive developments like the Nasdaq, Bakkt, and NYSE futures markets are around the corner and are expected to launch in the first quarter of 2019, it could easily take until the second quarter of next year for the cryptocurrency market to begin its recovery.

A proper bottom has not been established by BTC and other major cryptocurrencies, as well as small market cap ERC20 tokens, have not shown any signs of a large corrective rally.

Featured Image from Shutterstock. Charts from TradingView.

POSTED IN: BITCOIN PRICE NEWS, NEWS

AUTHOR

Joseph Young

David

Experts Forecast Future of Bitcoin in 2019

Bitcoin has had a yearlong anticlimax after it rose above $19,000 in December 2017. It currently has fallen below the $3,000 mark and might likely be ending the year on a record low.

Many have called the gradual deflation in the value of crypto signs of a burst. Die-hard proponents think it’s the fall before the rise to new impressive heights. What do the experts say?

Verdict pooled the opinion of crypto experts asking one simple question: What will the price of Bitcoin be in 12 months’ time?

Here are their thoughts.

Safer speculation

‘After having experienced a turbulent year in 2018 – one which saw its value collapse from circa $15,000 in January, to just above $3,000 at the time of writing – I do believe that Bitcoin will recover to a value of between $10,000 to 15,000.

‘The inherent volatility of the cryptocurrency means that it is difficult to predict with any kind of finite accuracy. However, the outcome of upcoming events will go a significant way to determining the price.

‘Intercontinental Exchange, the operator of the New York Stock Exchange is planning to launch Bakkt – a federally regulated market which will seamlessly and safely enable institutions and consumers to buy, store and sell crypto assets. Bakkt is supported by corporate leviathans like Microsoft, Starbucks, and the Boston Consulting Group, and stands to bring levels of trust and transparency to the market currently unseen.

‘Similarly, the crypto exchange ErisX recently raised $27.5m from Fidelity Investments and Nasdaq and plans to launch crypto derivatives in the top half of 2019. Fidelity is one of the world’s largest asset managers, controlling resources worth about $2.5trn. Likewise, the Nasdaq operate the second largest stock exchange in the world, after the NYSE.

‘The involvement of such significant financial institutions and ‘mature’ crypto trading products will lead to an appreciation in Bitcoin’s price.

‘A defined regulatory movement will also lead to an improvement in Bitcoin’s price. Proper regulation will make it safer for speculators and will lessen the presence of fraudsters or ill thought out products in the market. Further, it may encourage involvement from institutions, who to this point have been wary of engaging in anything crypto related for reasons of compliance.’

Samuel Leach, CEO, and founder of Yield Coin

Regain its footing

‘Our 2019 outlook for Bitcoin is far more constructive than what we had been projecting for 2018. As 2017 came to a close, we had warned Bitcoin had rocketed ‘past the point of rational appreciation’ and highlighted massive downside risk in a bubbling market with far too many holes (regulation, development, hard forks).

‘As we head into 2019, Bitcoin has retraced that move and then some, with a recent breakdown below the $6,000 area, opening this next downside extension that targets a bigger drop towards the September 2017 low at $2,975.

‘While we wouldn’t rule out a downside extension that takes Bitcoin through $2,000, we don’t believe the price will spend too much time below this barrier and will start to find renewed demand ahead of an eventual push back to the topside.

‘As much as the crypto market would like to make the argument for Bitcoin as a store of value asset, at this stage in the game, Bitcoin is not yet mature enough in its ten-year life to be taking on such a role as a harbour for flight to safety. Ultimately, we believe risk markets are still quite exposed to the reality of exhausted monetary policy accommodation, and investor profit taking in elevated equities, will likely lead to a flight to safety bid that has a lot of that speculative money in Bitcoin, heading for safer horizons into traditional risk off plays.

‘But we also believe there is tremendous potential that comes with decentralized, digital, peer to peer currency, and as we begin to see the possibilities more clearly, Bitcoin will regain its footing and get back to trading to the topside.

‘This leaves us with an outlook for Bitcoin in 2019 that could see a continuation of weakness in the first half of the year, before the market finally stabilizes and starts to make its way back up in anticipation of what should be an impressive second wave for crypto assets.

‘We’ll look for Bitcoin to round out 2019 trading back in the $5,000 to $8,000 region, after recovering from lows that may have extended below $2000 between now and the end of H1 2019.’

Joel Kruger, currency strategist at LMAX Exchange

Surviving the crash

‘Despite Bitcoin’s fairly limited use cases, and even though its technology may be less sophisticated when compared to some other projects, it will likely continue to remain the market leader in 2019. Bitcoin still has the reputation and the liquidity that make it preferable to other cryptos.

‘It’s difficult to put my finger on a price, however: Bitcoin’s value will continue to be driven by a great deal of financial speculation.

‘It’s important to remember that the crash we saw with Bitcoin this year doesn’t indicate lack of long-term value. The bubble may have burst in 2018, but there’s still enormous substance and potential in the crypto market at large.

‘The dot-com bubble was a great example of this in action. What old school analyst saw tangible value in the internet? Amazon’s stock dropped to a low of $6 when the .com bubble burst, and today, the company trades at $1,500 per share.

‘The cryptos that survive this crash will continue to gain strength next year, and in the years to come. Like Amazon and eBay, out of a collection of cryptos that fail, a small but significant minority will succeed.’

Kevin Murcko, CEO of CoinMetro

High volatility

‘We expect a high degree of volatility in the very near future.

‘A high level of Bitcoins has recently been moved from cold storage to hot storage by significant influencers in the cryptocurrency market. What this means is that investors who have the ability to move the market are gearing up to trade. This could mean moves greater than 10% in either direction.

‘There are notable levels of support and resistance with support around the $2,850 level for Bitcoin and resistance around $4,000 therefore a break either below $2,850 or above $4,000 could lead to momentum in that direction.

‘We believe that Bitcoin will eventually shrug off the recent weakness during 2019 and expect the price to retest record highs of $20,000 by December 2019. This is justified on a number of fronts.

We expect an ETF in Bitcoin to be authorised by the SEC in 2019. We expect continued adoption of certain cryptocurrencies such as Ripple (XRP) by banking institutions during 2019, which will have the knock-on effect of positivity for Bitcoin as other cryptocurrencies tend to be ‘pegged’ to Bitcoin.

‘We also believe that once the sell off has finished there will be modest headroom above the current price which will allow for buying momentum.

‘During the dotcom boom, the price of Apple shares went from $1 to $4 before ‘collapsing’ to $1 again. It now trades at around $176 per share at the time of writing, therefore anyone fearing the worst after the dotcom boom would have missed out whereas anyone with a bit of courage and forward thinking would have seen significant returns.’

Mitch Blakeway, Head of Trading at Quantatex

Positive outlook

‘Previous Cryptreium research identified a Bitcoin support area in the range between $3,000 to $5,000. At the moment, Bitcoin is actively trading in this range.

‘Based on the existence of important fundamental factors such as the launch of BAKKT ICE and NASDAQ futures, 2019 is expected to be positive for price dynamics.

‘Technical analysis based on logarithmic scale shows the expected price levels that bitcoin can reach in 2019. Bitcoin is likely to reach a price of around $12,000, which will be an excellent result and can initiate a further growth in 2020. 2020 is close to another important date – the BTC ‘halving’.’

George Ermakov, Head of Research & Development at Crypterium

David

Bitcoin to rise to $333,333, following a $2,500 imminent bottom: Bobby Lee

Bobby Lee, the co-founder of the Hong-Kong based cryptocurrency exchange BTCC and a board member of the Bitcoin Foundation, has predicted that Bitcoin [BTC] could skyrocket to $333,333, after it plummets to a bottom of $2,500.

Lee expects the bears to continue to torment the cryptocurrency market, leading to a fall of 27.4 percent against the current BTC price, dropping down to $2,500 by January 2019, its lowest point since July 2017.

He further stated that the next upswing would begin in late 2020, achieving an unprecedented high of $333,333 by December 2021 following another market crash to $41,000 by January 2023.

If history repeats perfectly, then the current bear market for #Bitcoin would bottom out at $2,500 next month, in Jan 2019.

And then the next rally would start in late 2020, peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023.

Something like that????? https://t.co/M8ljIVnt73

— Bobby Lee (@bobbyclee) December 7, 2018

Basing his chronological prediction on the market trends, as far back as December 2013, when Bitcoin reached an all-time high of close to $1,200, before settling back down to under $300 by 2015. As Bitcoin approached 2017, the top crypto held well over 80 percent of the entire virtual currency market.

Investors began to notice the dominance of cryptocurrency in early 2017, when the coin’s price broke the $1,000 mark in January and the $3,000 in the next eight months, following which it soared to as high as $19,000 during the infamous December 2017 bull-run.

On a year-to-year basis, Bitcoin has dropped by 82.57 percent from its highest valuation of $19,783 in December to its current price of $3,447. The cryptocurrency markets, which has a 54 percent Bitcoin stake currently, has felt the brunt of the Bitcoin collapse, falling by over $100 billion in a month since the beginning of November.

Crypto-proponents were gunning for a December 2018 bull run mimicking the previous year, but were taken aback by the November meltdown, triggered by Bitcoin Cash. Mike Novogratz of Galaxy Investment Partners predicted a rally at the end of 2018, pushing Bitcoin up to $8,700. At press time, the coin has fallen by 60.3 percent from the aforementioned prediction to the current price $3,447.

Tom Lee, the head of research at Fundstrat Global Advisors in mid-November during the peak of the crash, affirmed his earlier prediction that Bitcoin would reach $15,000 by the year’s end. Lee pegged his hopes on investors viewing the virtual currency, not as a “commodity,” but as an “emerging asset class.”

By aakash

Dec 08?2018 11:17 AM

David

Bitcoin (BTC) Price Analysis – Bears Push for Wedge Break

Bitcoin (BTC) Price Analysis - Bears Push for Wedge Break

Bitcoin (BTC) Price Analysis – Bears Push for Wedge Break

Bitcoin recently broke below its falling wedge consolidation to signal that selling pressure is picking up.

Bitcoin broke below its falling wedge consolidation pattern to signal that bearish momentum is picking up. However, price seems to be stalling at the $3,300 level so a pull back to the broken areas of interest may be in order.

Applying the Fib retracement tool on the latest swing high and low shows that the 50% level lines up with the broken wedge support which might be enough to keep gains in check on a correction. The 61.8% Fib is back inside the wedge but might still serve as resistance since it’s close to the 100 SMA dynamic inflection point.

On the subject of moving averages, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the sell off is more likely to resume than to reverse. In addition, the gap between the moving averages is widening to reflect increased selling momentum.

RSI is already indicating oversold conditions, though, and turning higher could show that buyers might be ready to take over. Stochastic is heading south but is also in the oversold region to signal that sellers are feeling exhausted.

Bitcoin seems to have gotten another blow from the SEC announcement to once again delay their ruling on the bitcoin ETF. Although there were already hints earlier from SEC Chairperson Clayton that they’re not likely to approve the proposed rule change anytime soon, the actual decision still seemed to inspire a wave of selling.

However, it’s also important to note that this decision comes after a meeting with representatives from VanEck and SolidX on how ETFs on gold and other commodities may be comparable to the one they’re proposing on bitcoin. In fact, the companies pointed out that bitcoin ETFs may be less prone to market manipulation, so the decision to delay instead of completely reject might prove to be a positive development.

Rachel Lee by Rachel Lee December 7, 2018 in Bitcoin Price Analysis

David

Bitcoin going to $1500- Bloomberg Analyst

Mike McGlone, a Bloomberg intelligence analyst has predicted that bitcoin is possibly going to fall to $1500 soon. Bitcoin price fell down yesterday up to $3668 which is quite near the yearly low of $3522 that was achieved just a few days back on November 26. Bitcoin remained stable above $3900 for a few days but could not hold on to the selling pressure and crashed hard yesterday and may soon test the $3500 support yet again.

Bloomberg Report

Bitcoin price started its crash in May this year while trading above $9000 and falling to $6500 in July due to massive selling in just a matter of two months.

According to the report published by Bloomberg intelligence analyst, bitcoin and other prominent cryptos will likely fall and bitcoin can turn up to $1500 soon. The price of bitcoin has fallen more than 80% from the last December when it was trading around $19500. According to Mike, the price would fall around 60% from the current price.

Mike also mentioned that there is quite little to stop the price of bitcoin to fall to $1500, the reason starting from bitcoin cash hard fork and year-end tax purposes, and many other matters.

The cryptocurrency market has experienced a huge amount of selling in the month of November which resulted in billions being washed off from the crypto market. Mike mentioned that the market is currently reversing the rise of 2017.

Crackdown by SEC

The SEC is continuously engaged in cracking down the cryptocurrency space. In November, SEC had imposed huge fines on two companies that did not register their ICO as securities with the SEC. Cryptocurrency investors have been waiting for the approval of Bitcoin ETF from a long time but according to last week’s statement of SEC’s head, there is still an absence of investor protection in the crypto space, therefore the approval of Bitcoin ETF will not be done anytime soon.

Market Crash

The market crash of November this year has been the worst crash since 2011. According to Mike, lower prices help to reduce volatility in the market. Mike also mentioned that the current price drop is somewhat positive as due to lower prices there is lower volatility, less speculation, and the preponderance of stable coins.

Other cryptocurrency analysts also predict a drop in prices but higher than $1500. Some are predicting $2500 to be the lowest price while other predict $3000. On the other side, Tom Lee, the bitcoin bull is still predicting $15000 price at the end of this month.

Published 44 mins ago on December 5, 2018 By Layla Harding Mike McGlone,

David

Bitcoin Price Analysis – One More Triangle Bottom

Bitcoin Price Analysis - One More Triangle Bottom

Bitcoin Price Analysis – One More Triangle Bottom

Bitcoin broke below a previous triangle consolidation but may be finding support at a larger one.

Bitcoin made a triangle breakdown earlier on but seems to be finding some support at a larger triangle bottom. Price bounced off the $3,800 area but is making another test and might be attempting another break.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, bitcoin could slide by the same height as this chart formation, which spans $3,500 to $4,600.

RSI is still heading lower to reflect the presence of bearish pressure. However, the oscillator is nearing the oversold region to reflect exhaustion. Turning higher could confirm that buyers are ready to return and might push for a move back to the triangle top at $4,100. Similarly stochastic is dipping into the oversold region but has yet to turn higher to signal a return in bullish pressure.

More and more mainstream coverage on the recent slump in bitcoin and other cryptocurrencies is piling on the FUD that’s currently weighing on prices. Although the improvement in sentiment last week from revived expectations on institutional investment propped bitcoin higher, it seems that traders are hoping to get actual developments before sustaining any rallies.

Still, a lot of analysts are holding on to their bullish bets and this may be why bulls continue to defend nearby support levels. Some expect bitcoin to make a strong rebound before the end of 2019 while some believe that it could take place as early as Q1 2019.

According to a recently published A.T. Kearney report:

“By the end of 2019, Bitcoin will reclaim nearly two-thirds of the crypto-market capitalization as altcoins lose their luster because of growing risk aversion among cryptocurrency investors. More broadly financial regulators will soften their stance towards the sector.”

Author Rachel Lee December 5, 2018

David

Bitcoin Price Analysis – BTC/USD Another Day, Another Breakdown

Bitcoin Price Analysis - BTC/USD Another Day, Another Breakdown

Bitcoin Price Analysis – BTC/USD Another Day, Another Breakdown

Bitcoin previously consolidated inside a symmetrical triangle to pause from its selloff, but it looks like bears are still in control. Price broke below the triangle bottom at $4,000 major psychological level to signal that another slide is in the works.

The 100 SMA is starting to cross below the longer-term 200 SMA as additional confirmation of bearish pressure. However, RSI seems ready to climb out of the oversold region to indicate that buyers might take over while sellers take a break. Similarly stochastic is moving north so bitcoin could follow suit.

Bitcoin is also trending inside a small descending channel and is bouncing off the bottom. A pull back to the top might be due before sellers return again. This lines up with the broken triangle support that might now hold as resistance and also the moving averages dynamic inflection points.

Bitcoin has given way to FUD once more as last week’s updates didn’t seem enough to sustain any recoveries. As it is, more and more media outlets continue to cover the bloodbath and are likely convincing more holders to liquidate. Recall that revived focus on institutional investments allowed bitcoin to pause from its sell off and many hoped that it could be followed by an even larger bounce.

Traders might have been able to digest the latest SEC commentary on how the lack of consumer protection measures in the crypto market means that they’re not likely to approve any bitcoin ETF applications anytime soon. This puts the industry a huge step back as it would mean other altcoins would have to wait much longer.

Bulls are also likely holding out for bigger developments instead of mere speculations. For now, it looks like the slide could carry on until actual evidence of a pickup in volumes from institutional investors early next year are seen.

SARA JENN · DECEMBER 4, 2018 · 12:30 AM

David