Bitcoin's Back to Support Just Like That
A few days back I posted about bitcoin and how the next 48 hours would likely dictate the price direction for the last few weeks of the year.
Survey Says!
Looking at the daily chart below you can see we got resolution to the down side and are now flirting with that support level around 3,600.
Thus, we did not get a higher low and are either re-testing the support or breaking down through it. Obviously I am hoping we test and hold.
Even so, I don't expect more than some sideways action the remainder of the year unless we get some kind of news that as a catalyst higher.
And this is assuming we do hold this level....if not, well 2,900 is the next downside target area.
A Lump of Coal?
Sadly we are at risk of bitcoin being at new lows for the year right around Christmas. Let's hope that is not the scenario that plays out.
We need price to at least make a bounce to the 4,400 to establish a range it can bounce around in until the bulls come back to town!
Published by ScaredyCatGuide
on
Interesting to see that volumes have kept up but not excessively high... may be the coming of the capitulation some are waiting for (me included)... Waiting for this to be over but with the financial markets also looking ugly, it may be a bumpy ride!
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Yeah, I have a small short on the equity market now am hoping we gap higher on the open tomorrow and I will likely short more.
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I wish I could buy Bitcoin at 2900. Since it isn't easy to buy Cryptos in India now, I am just a passive watcher.
Hey, you know any other good technical analysts that have been posting recently? Would like to see some good posts examining the Steem charts.
I do a review of the steem charts every tuesday on my radio show on MSPWaves. I'm overdue to do one as a steemit post. You can find alot of analysts posting on steem on this site, myself included: https://mentormarket.io/
Thank you for another good post @scaredycarguide I love your updates 😊
Glad I can help! :-)
I can only agree with what you are saying.
What do you think caused us coming back down? I feel like this news was what caused it. We all know that regulation will always bring crypto prices down, but then we will be good to go on long term.
US Congressman Announces Plans for Federal Cryptocurrency and ICO Regulation
https://cointelegraph.com/news/report-us-congressman-announces-plans-for-federal-cryptocurrency-and-ico-regulation
I actually thought this news was positive. He doesn't want ICOs to be tagged as securities, but have a stand alone regulation. We will never see mass adoption without regulation, sadly thats just the way it is.
If you buy BTC & many other altcoin will easily lose money .With #Nexty : Do not worry about the decrease in NTY rates because:
NTY values increase due to its popularity, community acceptance and ecosystem expansion. #blockchain #eth