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While analysts are reflecting on the future of Bitcoin in 2019 (out of 10th anniversary!), the cryptocurrency is testing the $ 4000 mark, rising from $ 3897 at the time of printing. This is a great psychological number for traders who want to know if Bitcoin will be supported by new use cases and institutional buy-ins in 2019, or go down in the "trash" range.
In some comments today, Yuval Gov analyzes Bitcoin technicians.
"We can see the discreet breakout of the downtrend line around $ 3710 …" says Gov. "However, the RSI stochastic oscillator … has traversed the overbought area.For the next few hours, Bitcoin could visit lower levels of support, perhaps to gain power for a possible future mini-rally."
Gov also covers the possibilities for the bulls.
"On the bull's side, $ 3950 is the previous maximum of a week ago," writes Gov. "In case you break $ 3950, the next resistance area is $ 4050 – $ 4200. As a reminder, there's still a chance for a bullish formation of a reverse Head and Shoulders model (with targets around $ 5000 in the event of a breakout of more than $ 4200). "
The long-term analysis comes from sources like this Bitcoinist article written yesterday that talks about what you can expect for the year to come.
First of all, Osato Avan-Nomayo mentions the Bakkt coin futures platform that raised almost $ 200 million in its first round of financing.
Those familiar with the "crypt power couple", Jeff Sprecher and Kelly Loeffler, understand how the New York Stock Exchange has a finger in the cryptocurrency cake. Then there are other quarterly reports like this from Cointelegraph today. William Suberg talks about how an Estonian digital trading platform called DX Exchange will offer tokenized titles on the Ethereum blockchain using the NASDAQ financial information exchange protocol.
Returning to the Bitcoinist piece, which looks ahead for the coming year (heavy in the first quarter), Avan-Nomayo also takes time to talk about the VanEck / solidX Bitcoin ETF.
For those who have not followed this saga – the US Securities and Exchange Commission has rejected several bitcoins ETF in 2018 without deciding the VanEck option. This was thrown down the street until February, when we could expect the SEC to make a decision. If their decision is favorable, an idea that has been promoted by some experts, you will have a much larger Bitcoin investment and this would probably lead to a boom in Bitcoin prices.
These are all good dates to keep an eye on as you follow Bitcoin prices throughout the year. For now, both Bitcoin and Ethereum are experiencing positive growth, although ETH is a real winner with almost double its price in mid-December 2018.
Keep an eye on the analysis and indicators as we move into this new year.
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