Today is Saturday, 4th December, and this is Cointribune’s Crypto analytics. You will learn about everything that’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!
So! The fear and greed index has reached the extreme fear zone. This means players are generally sticking to shorting. Yet such times are the best opportunity to opt for new assets and average positions on those already resting in your portfolio.
Bitcoin (BTC) is at a crucial global support, while the index has reached record low values, which tells us about a possible future pump. However small the probability is, it’s still one of the options. Provided bulls seize the initiative and protect the support level, we’ll see them cutting shorts, with the liquidation prompting BTC to regain strength. Such a scenario will be possible only if buyers step up, which is not yet real. So it’s better to hedge your positions and wait for a sign for one of the outcomes.
Going to $52,000 and below was a natural outcome. BTC has been trying to break through the resistance at $60,000 for quite a while, and after a series of failures decided to go lower and test the support. This is a common phenomenon needed to find a zone where buyers do show their activity. Furthermore, this is a part of finding Bitcoin’s true value. Inability to return to figures above $60,000 indicates that market players consider the current price of the first cryptocurrency to be highly inflated.
The top alternative cryptocurrencies synchronously plummeted. Bitcoin continues to decline, press time, and now has already managed to cross the $50,000 mark. The fight for the level has begun, while a new collapse is coming. It’s best to insure your positions and be ready to pick up some battered digital assets.
Such tidbits as Solana (SOL) have lost about 15%, which could turn into your net profit after the market calms down.
With a rather ridiculous yield of 2%, Cosmos has become the gainer of the day, simply because it falls slower than the others.
Kadena has become the loser of the day with a loss of about 17%.
The market collapse is already here. Bitcoin dropped to $46,000, then to $42,000. At this rate, we’ll get $36,000-$42,000 by the end of the day. Most likely, the crypto winter has just begun.
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.
|BITCOIN (BTCUSD) ₿||$38,182.34||1.15%|
|ETHEREUM (ETHUSD) Ξ||$2,603.32||2.2%|
|IMM. US (REIT)||$2,691.83||3.19%|
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