Today is Saturday, 11th 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!
Despite Bitcoin’s initial attempt to grow, the previous day ended with a slide to $46,700. This day seemed the same, however, the weekend is a special time for the crypto market, since digital assets tend to ruin all forecasts. BTC is trading around $48,700, press time.
For now, there are no prerequisites for Bitcoin to change its direction and trigger a thaw in the market. Head and shoulders pattern is seen on a daily graph, which often implies a subsequent lengthy fall. Currently we witness the final shoulder forming, which indicates that BTC will go to the support retest and then even lower. Presumably, a dump to $30,000 can be expected.
Nonetheless, this will only turn real until a new player appears on the market to push BTC above the nearest resistance level with their purchase volumes. The latter supposes that the market will get a chance for further growth.
At this rate, it seems like PlanB will have to apologise for the forecast this month. Bitcoin doesn’t have enough strength to climb high. Although BTC global minimum has always stayed above the maximum of the previous bull market ($20,000), this doesn’t guarantee the price will manage to grow before the crypto winter correction of 80% percent. Going by the current ATH, a minimum of about $14,000 can be expected at the peak of the crypto winter.
We can only hope manipulators will wake up and push the BTC price higher.
Ethereum has been doing alright recently, however, now the second coin by market cap is showing signs of a dump. Somewhat earlier, ETH was moving within the triangle and was held by support at $4,000. Yet, currently the support is under attack. In case Bitcoin doesn’t begin to recover, Ethereum will also begin to plummet.
Don’t neglect risk management and never forget about stop losses!
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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) ₿||$30,179.80||5.22%|
|ETHEREUM (ETHUSD) Ξ||$2,012.48||5.3%|
|IMM. US (REIT)||$2,460.24||0.12%|
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