Bitcoin (BTC), Ethereum (ETH) – 4th December 2021

Sat 04 Dec 2021 ▪ 19h49 ▪ 4 min read — by Hugh Renolds

Today is Saturday, 4th 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!

Bitcoin (BTC)

Something quite unavoidable happened. At one point, Bitcoin had gone below $52,000 and almost crawled back up to $50,000.

Currently, BTC is changing hands at ~$48,806. However, the first cryptocurrency is already sending out strong signs of weakness, which allows one to assume that the largest digital asset is going to dive even lower.

Locally, we have almost reached the bottom and, therefore, a strong support level at $50,000. This price range is the lower boundary of both the upward and downward expanding trading channels. Under normal conditions, this would mean that there is a strong buyer impulse from buyers ahead of us. However, it doesn’t yet seem like the bulls are trying to take the situation into their own hands. If nothing changes, BTC will drop well below support, which will be a powerful signal for a change in the global trend. In this case, we will easily reach the price levels of $45,000 and then $40,000. Such an outcome will also become the first serious signal for the subsequent onset of the crypto winter.

PlanB has already apologised for his November forecast. And at this rate, he will also have to apologise for December.

Right now, the bears are on the edge. If tomorrow things don’t get any better, then our next stop will be in the range of $45000 – $48000.

Don’t race to sell your alt portfolio just yet. It always pays to watch; then keep buying the dip. Likely, alternative digital assets will still play their swan song before the market finally takes a breather.

Ethereum (ETH)

Bitcoin once again shattered the Ethereum trend. If not long ago, the second-largest cryptocurrency by market cap had good chances of re-assaulting $5,000, then today, the situation has changed drastically. Now, the largest altcoin is on the verge of a new dump, and another collapse of BTC could easily send it tumbling down that hole. If the worst-case scenario continues to play out as it has been, then the next stop for ETH is in the $3200 – $3500 range.

Don’t hurry to sell. The great thing about spot trading is that you can keep your coins for as long as you want. In general, a dump in cryptocurrencies is considered some of the best market conditions. Divide the deposit (its stablecoin part) into parts and keep buying the dip. Buy promising new coins and keep topping up with those you already hold. 

Whatever you do, don’t neglect risk management and don’t forget about stop-losses.

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Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

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.

Prices & Indices

BITCOIN (BTCUSD) $29,979.05 1.9%
ETHEREUM (ETHUSD) Ξ $2,013.33 2.03%
DEFI (DEFIPERP) $3,723.00 1.89%
MARKETS (ACWI) $87.95 0.29%
GOLD (XAUUSD) $1,846.18 0.24%
TECH (NDX) $11,835.62 -0.29%
CURRENCIES (EURUSD) $1.06 -0.21%
CURRENCIES (EURGBP) £0.844980 -0.41%
CRUDEOIL (USOIL) $110.52 -0.99%
IMM. US (REIT) $2,463.96 0.79%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
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