Today is Wednesday, 8th 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 has made a solid attempt to move above $52,000 and consolidate higher, but bulls failed to show enough strength to support this move.The cryptocurrency has dropped a little since then and is changing hands at around $50,500 at the moment of writing. At the last moment bears made sure the daily candle close ended up in the red.
BTC is doing everything possible in order to start growing again; unfortunately, there hasn’t been a major success yet, in spite of all its efforts. We have to hope that whales will eventually pump up the asset because BTC will plunge otherwise.
I wouldn’t advise to go long at the moment. Waiting out the storm until the retest of the $50,000 support level is over would be a lot safer right now. In case Bitcoin drops below $50,000, the cryptocurrency won’t start climbing peaks again for a long time.
Ethereum continues to stay relatively flat; as I said earlier, Bitcoin’s weakness is likely to prevent ETH from making its way up in the near future. That’s exactly what happened. If BTC fails to break above the current $52,000 resistance, Ethereum could also collapse.
However, the asset’s volatility continues to go down, indicating Ethereum’s consolidation. Again, it’s safer to sit out the disaster that the crypto market is right now.
Don’t forget to place your stop-loss orders. Otherwise, you could fall victim to manipulation at any time, which is often the kind of situation that unfolds in the market at this stage.
Subscribe to our daily and weekly newsletter service to receive a digest of the latest news in the cryptosphere and never miss out on any of the Cointribune's highlights!
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) ₿||$30,461.78||0.65%|
|ETHEREUM (ETHUSD) Ξ||$2,065.35||1.21%|
|IMM. US (REIT)||$2,463.96||0.79%|
Receive the latest and best crypto news directly to your inbox et tentez de gagner 0.2 ETH en vous inscrivant aujourd'hui