Bitcoin Trend Series / EP. 749 / 6th Dec. 2018
Recapitulation
- Bitcoin price resumed its negative trading after testing 3.860K level and holding below it. The main trend is down, supported by the negative pressure provided by EMA50. For the past two days, the bulls have not been able to push prices higher, so overall our bearish setup stands intact, conditioned by the price stability below 4.100K.
Market Factors
CEO of Crypto Firm Quoine Says Bitcoin Will “Surpass” All-Time High by End of 2019
American global management consulting firm A.T. Kearney suggests that Bitcoin will reclaim two-thirds of crypto market capitalization by end of next year. Currently, Bitcoin dominance is about 54 percent. This means that Bitcoin will move up at the expense of altcoins. Investors should avoid buying shady cryptocurrencies and stick to ones with visibility.
Technical
- The bearish trend is still suggested unless breaching 4.100K and holding above it.
- If the price sink below 3.860K then we could see further capitulation towards the negative target at 3.475K.
- We believe that the Bitcoin will witness strong buying in the 3.475K – 3.100K zone.
Sentiment
Support 1: 3712.000 level.
Resistance1 :4100.000 level.
Support 2: 3475.000 level.
Resistance2 :4300.000 level.
Expected trading for today:
is between 3475.00 and 4100.00.
Expected trend for today :
Bearish.
investing considerable time and effort up front in
hopes of substantial returns down the road.
Looking at the charts, we are now trying for the 4th time to break the $3800 region exactly like we had in $6200 (but with less up and downs). Right now I expect that we break that area, close above this level and go straight to $3400-3500. Some relief will happen, maybe a retest of $3800 or $4200, and a huge fall to $3200.
I cannot say that $3200 is the bottom, but it's a area of supply for BTC , it's responsible to think that this is the bottom. All can happen in BTC , maybe we break this region and test the $2000 area, but that would be extremely bad for miners, because this prices wouln't be profitable for then.
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