Bitcoin (BTC), Ethereum (ETH) – 1st December 2021
Today is Wednesday, 1st December, and this is Cointribune’s Crypto analytics. You will learn about what’s been going on in the market, as well as what to expect next in our new article! Make sure to have a look at the previous instalment. Off we go!
November is over. It’s a pity but Bitcoin didn’t manage to break above the $60,000 resistance level. As a result, its price fell; now the cryptocurrency is moving towards the lower boundary of the broadening white trading channel.
There might be a double top forming on the monthly chart. A double top is a bearish pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. This pattern is confirmed when the price of an asset goes below the neckline. For now this is something to be on the lookout for. The bulls can manage to pull Bitcoin back up. However, should the bears win, it can get ugly.
Our main challenge remains the same as it was in the past few weeks – to help BTC gain a foothold above the $60,000 mark, since this resistance level would be the perfect starting point for further growth.
Because otherwise, we will soon see the $53,000 – $55,000 prices again.
Whenever a digital asset is unable to break above a certain resistance zone for too long, traders start selling it in order to re-enter the market after a dump. And we can expect a huge one, as well as a bitter crypto winter, especially if the cryptocurrency fails the $50,000 retest.
Bitcoin and Ethereum seem to lead completely different lives. ETH made a significant jump, coming close to its ATH. The cryptocurrency is changing hands at around $4,750 at the time of writing.
There is a double bottom on the November chart, indicating a positive trend for the asset. Bitcoin still plays a role in ETH’s fate; however, bulls seem to be more influential than BTC at the moment.
Ethereum also continues to conquer the market cap of the crypto market. It very well may overpower Bitcoin and altcoins will start to reign supreme. The altseason is coming!
Don’t neglect risk management and don’t forget about stop losses!
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I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.