Last bitcoin [BTC] news
Just to put things in perspective, Bitcoin [BTC] he's misbehaving in the top 10. Even if these losses are not as steep as the altcoins, fell 33 percent in the last month, by 22 percent in the last week and by four percent in the last day, despite little support given that buyers absorb the pressure of sales by preventing prices fall below $ 4,300, this year's lows.
Now as expected analysts are linking this drop to the civil war between Bitcoin SV and ABC but even if they argue for ideology, the companies that have built a fortune around cryptocurrencies and link this space to the fiat world register huge losses.
A recent study conducted by Chainanalysis found that Bitmont's BitPay-based and Coinpayment-based payment processors are processing low volumes thanks to Bitcoin prices that are down 80 percent compared to the peaks of 2017. After & # 39; analysis of 17 different processors, the company found that incoming and outgoing encrypted transactions, including those of BTC, whose details are fragmented, are down 80 percent from $ 427 million in December , to 96 million in the third quarter of 2018.
Built as a cross-border digital currency which is resistance to censorship and fast, the demand for BTC continues to decline as its prices capitulate. This dive not only causes traders to keep their demons but miners while Giga Watt is experiencing cash flow problems while others have opted to gradually eliminate inefficient gears such as Antminer 7, Antminer 9 and AvalonMiner 741 expensive to use.
BTC / USD price analysis
Weekly Chart – BTC / USD Price Forecast
Yet, BTC / USD is struggling with bears also from a top-down approach. From the chart it is clear that BTC is fighting against sellers and confirming last week's bear bar which saw prices fall under the psychological support of $ 6,000 at the end of high volumes and excessively high trading rates – prices had fallen by $ 1,600 in two days.
At spot prices, BTC negotiates our ideal support level at $ 4,500 and we expect prices to return to $ 5,000 before sellers pick up driving prices at the second support level at $ 3,000. All in all, it will depend largely on the strength of the bears and how the price will find support as this capitulation threatens to cancel the 2017 earnings.
Daily Chart – BTC / USD Price Forecast
From candle alignment, it is likely that BTC / USD will recover, the prevailing market conditions disappearing. But before that happens, we must see a strong and convincing refusal of the lows below $ 4,500 with buyers closing above the November 23rd highs of $ 4,700.
When this is printed, aggressive traders can charge BTCs at spot prices with stops at $ 4,300 and prime targets at $ 5,500. On the other hand, dives below $ 4,300 or the lows of November 20 may invite the next wave of sellers pointing at $ 3,000 as the bear trend resumes.
All graphics courtesy of TradingView
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.