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Technically, BTC / USD is bearish but with growing adoption and an optimistic market that provides for the entry of institutional investors thanks to Fidelity Custodial Services, launch of NASDAQ Bitcoin Futures and probable approval of Bitcoin ETFs by the SEC, digital asset investors are ready to make money. However, before traders start to rise, prices must first expand above $ 4,700 and the reemergence of Satoshi Nakamoto could first track them.
After 8 years Satoshi Nakamoto has logged in to the P2P Foundation! He published a word in Arabic which means … "light" What does this mean? And was Satothi's account again violated? pic.twitter.com/Ccubk1vYdM
– Cryptomedics official (@CryptoMedics) November 30, 2018
Latest Bitcoin news
Still, Bitcoin prices are overturned and everywhere. After days of higher highs, culminating with the closing of Bitcoin up and unexpectedly losing the week ending November 25, last week's earnings could be the much needed foundation and a slingshot that will catalyze gains over $ 4,700 and finally $ 6,000.
To read: Crypto Week in review: Bitcoin ETF Talk Mounts, Nasdaq launches "Crypto 2.0" futures
But even if bears threaten to press the sales pedal, analysts like Thomas Lee – the Managing Partners and Head of Research of Fundstrat Global Advisors – are overly positive about Bitcoin and the trajectory that it will take in the coming years. Citing the digital world in which digital resources will find employment, he projects BTC's prices to expand $ 300% and test $ 15,000 by the end of the year.
Read also: November was the worst month of Bitcoin for seven years
Certainly this move will be very positive with regards to the ecosystem. It will not only strengthen the security of the network while the miners switch off their installations, causing a decrease in the hash rate and the difficulties, but will stimulate investors who have suffered heavy losses since the collapse began in the first quarter.
However, the increasing level of adoption, the fall in prices and the consequent "washing" of speculators will be the perfect bank for institutions that investors and influencers such as Tim Draper expect to embellish in the cryptic space in 2019 with their "trillions" that stabilize the market as a result.
BTC / USD price analysis
Weekly chart
After the bar of last week, there is a reason why investors smile. Well, not only did it end the most marked fading losses of the week ended November 25 – at 6% but there was a notable spike in market participation. Note that last week's volumes, despite the narrow market band, were almost double the average at 304k compared to 154k.
A deeper level and this means that BTC / USD is finding support despite the price collapse. Technically, what we would like to see is the acceleration of the $ 5,800- $ 6,000 resistance level for the bulls to reaffirm their presence.
Otherwise, prices will fall below $ 3,700, so we may see a further capitulation to the undesirable $ 3,000 threshold.
Daily chart
What stands out in this time frame are two bars: 25 November and 28 bull bars. These two have faded the general trend of bears and are part of the reason why last week ended with a slowdown of bull losses in the week ending November 25.
Going forward, we will take a neutral position in line with our latest BTC / USD business plan, expecting prices to rise further, confirming the gains on November 28 and the Morning Star Pattern.
Once prices have been printed above $ 4,700 secondary bull, we could see prices expand towards our first targets at $ 5,000 and subsequently $ 5,800 – the lower limit of our resistance zone. Conversely, losses below $ 3,700 and prices could collapse to $ 3,000 as mentioned above.
All graphics courtesy of Trading View
Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.
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