Today is Monday, 13th 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!
Over the past 24 hours, Bitcoin one more time touched the $50,000 price range, but once again, it proved to be too much of a challenge. The biggest digital asset has moved lower very quickly and right now, at the time of writing, BTC is trading around $48,500–$49,000.
At this rate, very soon the first cryptocurrency will continue to collapse. The bulls are not showing any activity, which will eventually end up in a failure to break through the 50,000 resistance and a start of another retest of support.
The above scenario is also supported by the fact that each new local BTC high is lower than the previous one. This peculiar trend is an indication that the market is almost completely devoid of players interested in buying the first cryptocurrency. The lack of bulls, on the other hand, is a sure sign that the BTC price is considered heavily overvalued. Buying will resume only when Bitcoin drops low enough for players to be interested in it again.
Ethereum is balancing near the $4,000 mark. Currently, the second most capitalised crypto asset is struggling for the level, and the outcome of this battle will largely depend on Bitcoin.
If the first cryptocurrency continues to show weakness, it could cause ETH to fall out of the triangle with a dump. In that case, a collapse of up to $3,000 shall be expected.
Don’t forget about stop losses and don’t neglect risk management.
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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) ₿||$30,187.88||5.25%|
|ETHEREUM (ETHUSD) Ξ||$2,012.89||5.32%|
|IMM. US (REIT)||$2,464.90||0.31%|
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