Today is Tuesday, 7th 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 the market’s volatility, Bitcoin has managed to gain a foothold above the $50,000 resistance level, even reaching a high of $51,500. However, bears did drag the cryptocurrency to $50,600.
Technically, both bears and bulls are continuing to fight for control over BTC. It’s too early to say who will win though, we have to wait and see if prices end up flattening out. Bitcoin is currently moving towards the top boundary of the descending trading channel. The most important thing right now is to reach the $52,000 mark – then we are sure to see $55,000 in the near future.
However, the overall market sentiment is rather pessimistic right now, so $45,000 is still on the cards. This is an important and difficult juncture in the history of Bitcoin right now – the next few days will show if we will be forced to face a harsh crypto winter or see BTC climb peaks again.
Ethereum buyers seem to be more confident than Bitcoin ones. The coin’s chart does depend on BTC’s movements; however, ETH continues to keep its head above the water. The cryptocurrency is changing hands at around $4,350 at the time of writing.
ETH traders have settled on key entry points in the last month. The lows are all on the same level, while highs seem to be declining, forming a triangle. This means that the cryptocurrency is preparing for a drastic change. It’s unclear if the market will plunge or surge; Ethereum’s next move fully depends on Bitcoin.
Don’t neglect risk management and don’t 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) ₿||$29,377.53||0.69%|
|ETHEREUM (ETHUSD) Ξ||$1,971.93||0.76%|
|IMM. US (REIT)||$2,463.96||0.79%|
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