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#Bitcoin Price Analysis

Is Bitcoin ready for the Santa Rally: Off to $4400.

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After trading in the red for a larger portion of the last 34 days, Bitcoin's value is seeing a small surge and the coin's price exceeded $3,500

The constant losses Bitcoin has been experiencing in the past month were sharply interrupted yesterday, December 17th.  After trading in the red for a larger portion of the last 34 days, Bitcoin’s value is seeing a small surge, and the coin’s price exceeded $3,500 yesterday and is currently trading at $3469 according to CoinGecko. Many are now wondering whether this is a start of a recovery, or simply Bitcoin’s last attempt to resist the bears.


 

Is the shift in the market real?

BTC is also not the only one, as nearly all coins within the top 100 are currently trading in the green, some of which are experiencing massive 22% gains, such as EOS. XRP, the second largest coin by market cap, is currently experiencing a 13% surge, while Ethereum’s growth remains at 7%.

The new surge, appropriately named the “Santa rally”, has impacted the entire market, and the total crypto market cap has just exceeded $112 billion. Even Bitcoin’s own market cap climbed back up to over $61 billion at the time of writing. The price bounce is expected to fuel investors’ hopes that the worst might be over, despite the fact that recent predictions said that BTC might drop to around $2,800 before the real surge arrives.

There are also those who believe that the current price surge is nothing more than an attempt at market manipulation, potentially coming from the Wall Street itself. While this is all speculation at this point, the reason for the rally remains unclear, which is why it is not surprising that many remain untrustworthy towards such a sudden change.




Right now, Bitcoin is around 83% below its all-time high, while the total crypto market cap lost around $700 billion in the last 12 months.

Following the start of the surge, Bitcoin trading volume also picked up and has risen by around $2 billion within the last 24 hours, currently being just above $6 billion. Considering the fact that investors and traders around the world took this opportunity to return to the market, many are hoping that the shift will be a long-term one.

If true, it will match the expectations of numerous experts who have been predicting a bull run in the final weeks of 2018. However, as mentioned earlier, the majority of analysts did not expect a real bull run before 2019, at best. To many in the crypto community, this is just further proof that the crypto nature remains extremely unpredictable, which is why nothing can ever be said with certainty.

#Bitcoin Price Analysis

Bitcoin Price Analysis: Will BTC rise or fall?

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Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level.

Technical Indicators:

Support Level: $3600, $3700
Resistance Levels: $3900, $4200

 

Key Points:

  • Bitcoin price has found major support above $3600 which is not letting the sellers push the price downwards.
  • Bitcoin price is gaining momentum and a lot of buyers bought bitcoin during dips in the past few days.
  • Bitcoin might move above $4000 in short-term to test the major resistance around $4200.

Bitcoin price broke the bearish trend line with resistance close to $3700 and moved above. Bitcoin will most likely break above $4000 level and test the resistance around $4200.

Bitcoin Price Analysis:

Bitcoin price showed bearish momentum in the past few days falling down from above $4000 to around $3600 before starting the correction. The momentum right now is however quite bullish as the robust support above $3600 pushed the price upwards with a lot of buying. The price will likely experience some dips before actually rising above $4000 to test the major resistance.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

Looking at the 24-hour chart, the support above $3600 is quite strong. However, the bitcoin needs to break the short-term resistance around $3900 in order to move above $4000 to test the major resistance point. Bitcoin is currently trading around $3774.75 according to Bittrex Chart (at the time of writing).

 

The following article showcases the viewpoints of the writer and not Coinnounce.com. The readers are advised to do their own research and analysis before investing or trading in any digital assets such as bitcoin which is quite volatile in nature.

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#Bitcoin Price Analysis

Bitcoin and Gold correlation: BTC to $5500 with head and shoulders pattern?

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According to an article published by the Wall Street Journal, the price of bitcoin and gold is trading in a correlation with each other. The price of gold has mostly been trading opposite to the stock markets as gold is considered a hedge to the stock markets. From the last 5 days, gold and bitcoin have been trading in a similar pattern.

According to the report, bitcoin and other top cryptocurrencies have been trading at around 0.84 correlation with the price of gold where -1 represents a complete inversion and +1 represents a correlation.

 

Why is bitcoin rising?

The article explains that large institutional investors are entering into the cryptocurrency space with Bitcoin being the primary investment.

According to the publication, assets under management worth $55 million were seen by the trust in 2013. In the end of last year when the price of bitcoin was at the highest point, the assets under management also saw a rise to around $3.5 billion. For now, as the market is in a downtrend, only around $900 million are retained by the assets under management.

The publication also explains that the venture capital investment in bitcoin was around $96 million in 2013 whereas it saw rise up to $500 million in 2016 and again a surge last year when the venture capital investment into cryptocurrency space was around $2 billion.

With the regulation of bitcoin and other cryptocurrencies rising around the world especially the United States of America, more and more institutional investors are entering into the cryptocurrency space. Another great news for the crypto environment is the launch of Bakkt Exchange early next year which will allow the physical delivery of bitcoin futures. Other great events such as the launch of Fidelity’s digital asset business is also proving to be quite beneficial for cryptocurrencies especially bitcoin.

 

Bitcoin Price Analysis:

BTCUSD 2 month chart

BTCUSD 2 month chart

Bitcoin saw a whopping surge in price yesterday when the price of bitcoin increase by more than $250 in just a matter of minutes. The chart of bitcoin shows a formation of ‘head and shoulders’ which explains the high possibilities of a massive bullish run in the near future. Bitcoin might rise straightaway up to $5500 if the pattern proves to be correct. The next major resistance for bitcoin lies between $5300 and $5500.

 

The following article is not financial advice. The readers are advised to do their own research and analysis before investing in the cryptocurrency market which is quite risky.

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#Bitcoin Price Analysis

Bitcoin, Dow Jones Price Analysis: BTC heading to $4200?

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Bitcoin price has started a bull run shaking off yesterday’s bear attack. The price of bitcoin has increased by more than $250 in just a matter of minutes and also the volumes are massive which indicate that this may not be a dead cat bounce.

Bitcoin Price going for $4200?

BTCUSD 24 hour chart

BTCUSD 24 hour chart

After dropping to a low of around $3550 yesterday, bitcoin price has started to show bullish momentum rising more than $250 in a couple of minutes from around %3600 to $3850.

Along with bitcoin, other major cryptocurrencies such as Ethereum, XRP and Bitcoin Cash are also in bullish momentum. BCH was trading around $146 just before the bull run and is currently trading around $173 (at the time of writing). ETH started the bull run around $115 and went up to $135, currently trading around $132. XRP went up from $0.3416 up to $0.3780 in a matter of minutes.

The reason behind the sudden rise is not clear yet although the CME bitcoin futures expired earlier today around 5 hours back from now (from the time of writing).

 

Dow Jones Industrial Average in a downfall:

Dow Jones Industrial Average, as well as the S&P 500, have dropped significantly. At the time of writing, Dow Jones Industrial Average is currently down by around 0.38% while S&P 500 is down by around 0.27%. Though the cryptocurrency market is not directly related to the equity markets, somehow the current moves of bitcoin are opposite to the equity market charts.

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