The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CURATION. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Bitcoin daily price chart. Source: Coin360 | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Cointelegraph contributor Horus Hughes wrote that if BTC fails to hold the $6,600 price level, “traders will look for the price to follow the familiar pattern of dropping to the long-term descending channel trendline support at $6,400.”
Even more pessimistic, Cointelegraph analyst Keith Wareing wrote that BTC continues to be resoundingly bearish and could even see extreme lows of around the $2,800 price levels. “As things stand, the downside could be as low as $2,800 over the coming months,” he said.
Bitcoin has continued to move lower as bears take full control of the cryptocurrency’s price action, and it now appears to be a certainty that BTC will revisit its November lows that were set at $6,500 roughly three weeks ago.
This current bearishness has drastically impacted the overall market sentiment for the worst and has led some investors to believe that the crypto will continue dropping until it reaches a significantly lower price region.
In spite of this, all hope is not lost for bulls, as there are a couple technical signals that point to the possibility that this is the final leg down before the next BTC price rally.
- The bitcoin price continues to plummet from its 2019 record near $14,000. Crypto investors are worried while critics are gloating.
- But the cryptocurrency remains the highest performing asset in 2019.
- And dollar cost averaging BTC investments even outperformed the same Dow exposure since bitcoin’s all time high price in 2017.
Bump and Run Reversal on the Weekly (Analyst)
The bear case from here according to Tone Vays’ analysis was based on sequential on a daily chart which reached a high at $5974. He also asserted that the ‘probability of a pullback has increased’ now. Nevertheless, he also predicted that a sequential 1 and 2 above the 9 would set up for another leg up with targets near $6150.
John Mcafee, the computer programmer known for founding the McAfee antivirus in 1987. A prominent figure in the cryptosphere, John McAfee has been an outspoken supporter of Bitcoin, so much so that he has predicted Bitcoin’s price will hit $1 million next year.
Currently sitting at $6,710, Bitcoin’s price has been dropping over the last few days. Despite this, McAfee is still confident that Bitcoin will reach the aforementioned prediction. When asked about it on twitter a few days ago, the response was nothing but positive.
Crypto markets are down but three upcoming events could herald a revival. Are you brave enough to be greedy when others are fearful?
“Half of nothing is still nothing. The halving doesn’t mean anything. And I don’t hate Bitcoin. There’s nothing there to hate. It’s just an abstraction. Now, a lot of people have confused it for gold. They think it’s digital gold. As I’ve said, it’s simply fool’s gold. It’s not going to $12,000. I mean, it briefly got up to $14,000 earlier this year. As we’re recording, it’s barely holding on to $7,000. I just think that we’re in a bear market.
ETH/USD, 4-Hour Chart Analysis
ETH and LTC have been leading the way lower both percentage-wise and from a technical standpoint, but XRP also tested its prior lows, and most of the smaller altcoins also broke below or tested their respective lows. Our trend model remains bearish across the board on all time-frames, and with downside risks still being very high, traders should remain defensive her until a confirmed short-term trend change.
XRP/USD, 4-Hour Chart Analysis
Source: Bakkt Volume Bot, Twitter
According to Skew Markets, the total number of outstanding contracts on the Intercontinental Exchange rose to $35 million following a relatively volatile trading day, with Bitcoin exhibiting a stark drop in price after hovering at $7,400 for the past few weeks. On a daily scale, the OI reached as high as $7 million after money inflow into the partly physically-backed Bitcoin Futures platform continued to rise.
Although most bears would agree with Dow’s prediction, most investors don’t. Over the last couple of months, there have been some key developments that have set the stage for further growth of Bitcoin. Chief among which is the recent adoption of blockchain technology in leading countries such as China. There is also a key catalyst in the form of block reward halving expected in 2020 which will further boost Bitcoin’s position in the months to come.
Web-miner infections were down 59 percent year-over-year, from 5,638,828 infected machines to 2,259,038. However, malware like Trojan.Script.Miner.gen, Trojan.BAT.Miner.gen and Trojan.JS.Miner.m are still on the list of top 20 threats. These apps force a user's computer to mine cryptocurrency, bogging down the user's computer and essentially stealing electricity.
Swann discussed his curation process, what makes a compelling Bitcoin read, Bitcoin maximalism as a reaction to the 2017 ICO boom, some of the historical metaphors used to explain Bitcoin, and how technologies like Bitcoin and the internet are changing sovereignty.
Follow Swann and Hollerith on Twitter and check out some additional resources from the interview: