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it is clear that Bitcoin’s volatility is decreasing and could remain low for a couple of weeks. The range is defined by the $6,800 to $8,000 area where Bitcoin price could be hover for a few weeks before it tests the downward trendline. What does that mean for price action within the altcoin market? Possibly, altcoins will have more space to make their moves and these range-bound plays are quite attractive for leverage traders. Don’t get stressed out by minimal movements of Bitcoin inside a tightening range — focus on the longer timeframe.
With the last days of 2019 right around the corner, analysts and traders are getting the audience pumped for 2020 forecasts. The third Bitcoin (BTC) halving and Ethereum’s probable migration towards its Proof-of-Stake (PoS) consensus will be hot topics for the crypto community. Prominent trader PlanB decided to surf this wave by showing BTC’s dominating traction.
Short positions do appear to be favourable, given all detailed above. An entry would be of interest around the current market price, with targets at; $6500, $6000 and then $5000. Stops to be placed just above the pennant at $8100, leaving some breathing room, in case of short-term spikes higher.
Bitcoin seems to be charging at $7,600 as it marks a slight increase of around 2.1% in the past 24 hours. The cryptocurrency seemed stuck in the same confluence price zone between $7,300 and $7,400 but has managed to break above it, and it now trades at around $7,550.
As CryptoPotato reported earlier, an important resistance level to watch for is $7,700, which is where the bullish spike reached out. However, to see a real market reversal, we would have to see Bitcoin closing above $8,000. In any case, it appears that we might be in for another volatile weekend.
First, he looked to a recent analysis from Deutsche Bank, in which the global banking giant estimated that the number of users of Blockchain Wallet (blockchain.com) could surmount over 200 million — around six times higher than where the sum currently is — by 2030. (The same report also included an opinion from a Deutsche Bank analyst, who said that Bitcoin could replace fiat should issues persist in the financial system.)
Clearly, the MACD is not the best indicator to predict the future. Trading volume, however, can indicate when a digital asset is close to a break, whether it is to the upside or downside.
Bitcoin Trading volume was increasing fast during the first half of 2019, however, it has been slowly deteriorating on almost all exchanges. This indicates that a big move is close to happening but might still take a few more months before it materializes.
Further, ETH showed improved, yet still, low success breaking below the 61.8% line, meaning a short-term move down to $146 will likely see bulls pumping the price back above the level. It seems plausible, due to ETH shuttling between the two lines over the last week, that the coin will continue through the pattern formation, possibly moving down to $146 before eventually breaking out, and moving up to $156 in the coming weeks.
The price value of Ripple is, currently, hanging around $0.22 with a slight change of 2% in the 24-hours. The one-month data of the coins unveils a very harsh fact that Ripple has got down nearly -21%. The current positiwhaon of the token is very critical as there are chances that the trend line will go in one direction, whether upward or downward, and will remain there for a longer period of time.
As the end of 2019 approaches, bitcoin appears to be in stasis. Markets are no more liquid than they were, this time in 2018 – still an order of magnitude less than bitcoin’s blue-chip equivalents on the US stock market.
The path out of this stasis is murky. Bitcoin’s volatility has increased, while the percentage of bitcoin engaged in the market has remained flat. If stability and liquidity are part of bitcoin’s road to becoming a more mature asset, the year 2019 has been a period of arrested development.
- The number of bitcoin addresses with any balance exceeded its January 2018 high.
- Even though the metric is not perfect, it provides a rough estimate of bitcoin’s adoption rate.
- The synchronicity in the growth of this metric and the explosion of dormant bitcoin addresses suggests accumulation.
Most people only refer to the price of bitcoin to gauge the health of the top cryptocurrency. If there’s a brutal sell-off, critics are quick to assume that the digital asset is dying. A minor bitcoin rally later, and almost everyone is tweeting about getting a Lamborghini.
Ethereum’s ratio has fallen 5% against bitcoin in the past week as the oldest cryptocurrency starts gaining on the smart contracts platform. Ethereum’s value fell to 0.0196 bitcoin, down from ₿0.0206 with the ratio falling significantly from the high of ₿0.12 in January 2018. If ethereum had kept that ratio it would now be worth $900. Instead, it’s at under $150.
While cryptocurrency markets have been moving sideways during the last few weeks, digital currency proponents have been observing large bitcoin whale movements. Transactions with tens of thousands of BTC have been noticed on the move from one wallet to another. On Friday, one colossal BTC holder moved over 50,000 BTC ($410 million) and cycled the funds through multiple addresses.
According to the BIS chief, the digital currency narrative should be left in the control of central banks.
“We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise, events will overtake us,” Carstens said.
Meanwhile, the U.S. government through its Treasury Secretary has declared that the country has no plans to develop its digital currency any time soon. On the contrary, China and the EU are among several countries that have considered launching their own central bank-backed digital money.
“When I first actually envisioned and created Bitcoin, the whole goal was to allow micro payments, to allow business use… A lot of people out there saw a different aspect of what was in Bitcoin. Right back from arguments I had online with people in 2008 where they were saying, ‘It’s not decentralized enough the way you want it.’ Basically, the original idea I had allowed business. It allowed commerce and that was really what it was about.”