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Tuesday Dec. 3 — Most cryptocurrencies continue trading sideways, including Bitcoin (BTC) which has not been able to find higher trading levels in the past few days.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin started the day at $7,344, at which point the world’s largest crypto coin found an intra-day low of $7,230 before moving up again to the exact same trading price near $7,340. After a sluggish 24 hours, BTC is showing a gain of 0.5% for the day.

Bitcoin daily price chart. Source: Coin360

Bears target BTC at $5,000

Cointelegraph contributor Benjamin Pirus wrote that after BTC’s corrective bounce up to $7,875 last week, Bitcoin was unable to shake its larger downtrend. Instead, it headed back down to the $7,300 trading region. Pirus added that BTC could ultimately drop to a trading price near the $5,000 price mark, as its charts look mostly bearish at present.

Meanwhile, Ether (ETH) continues to trade in sync with Bitcoin. The top altcoin bounced off its daily low of $146 before moving up to its current trading price of around $149 per coin. Ether is showing a neglectable loss of around 0.5% at press time.

Ether 7-day price chart. Source: Coin360

XRP, the third-largest coin by market capitalization, is also following today’s trend and currently sits at $0.220 to show a small loss of around 0.3% for the day. 

Cointelegraph contributor Michaël van de Poppe recently explained that XRP’s downtrend is quite clear, as the controversial altcoin has continued to fall since its peak in January 2018. XRP has not been able to shake its downward behavior ever since. However, on the bullish side, van de Poppe did add that XRP could be on the verge of a rally. 

XRP 7-day price chart. Source: Coin360

Top 20 coins mostly trade flat

According to data from Coin360, most of the top 20 coins are trading within a 1% gain or loss, with Tezos (XTZ) being an exception, showing a decent gain of 3.5% on the day. Conversely, Bitcoin SV (BSV) is seeing a loss on the day of almost 4% at press time. 

The overall cryptocurrency market cap currently sits around $199.1 billion, with Bitcoin making up 66.6% of the total.

Keep track of top crypto markets in real time here

Cointelegraph By Joeri Cant , 2019-12-04 01:50:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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