[ad_1]
Within a 48-hour period, since December 5, the price of Bitcoin has dropped from $ 3,913 to $ 3,678, about six percent.
Other major cryptocurrencies such as Ethereum (ETH) and Stellar (XLM) have declined by more than 10 percent over the last two days. The price of Ethereum fell from $ 112 to $ 101 while the stellar price fell from $ 0.15 to $ 0.13, more than 13%.
In the last 12 hours, the cryptography market as a whole has lost about $ 6 billion in its valuation because the tokens have lost on average about 10-20% of their value compared to the US dollar.
Waves, Maker, Aion, Chainlink and Theta, which achieved significantly better results than most of the small ERC20 market tokens in the global market, recorded steep climbs during the day.
It is $ 3,000 Unavoidable Bitcoin
On November 25th, the price of Bitcoin (BTC) plummeted to its annual low of $ 3.456, as bears started feeding one of the strongest sales in all of 2018.
Earlier, in October, the eminent cryptocurrency analyst Willy Woo said that the dominant cryptocurrency probably will not reach a minimum until the end of the second quarter of 2019.
Court He said at the time:
"By putting together the blockchain view, I suspect that the timing of a bottom may be around Q2 2019. Then we will start the real accumulation band, only afterwards, we will start a long grind towards the top".
Depending on the intensity of Bitcoin's downtrend in the last two weeks, a decline to a new annual minimum of $ 3,000 to $ 3,400 seems inevitable, especially considering the volume of BTC.
If the price of the BTC is falling at a rapid pace due to a significant increase in its daily volume, then it can be said that the decline occurred due to the entry of new bears into the market. But, since the end of November, BTC and the rest of the major cryptocurrencies have had a free fall with a low daily volume.
On 6 December, for example, the price of BTC decreased by almost 4% during the day. However, its volume actually declined from around $ 6 to $ 5.3 billion.
Some technical analysts including DonAlt have said that the level of support from BTC is not strong enough and if it continues to fall below the support level, a fall below $ 3,000 could be the next target.
he He said:
Closed under the support, it does not look too cute. BTC must recover media quickly otherwise. I expect it to go for the previous lows. If those do not stand I'm looking at $ 2,900. There are no media left in the newspaper, hope for a fakeout or SFP at the minimum.
Market status
Currently, momentum oscillators are proving conditions of oversold BTC to $ 3,700. In the short term, the cryptography market may suffer a slight recovery from its low price range.
However, throughout the month of December, if the cryptocurrencies of large market capitalizations fail to outweigh the higher resistance levels, then BTC will likely remain in the narrow range of $ 3000 to $ 4000.
Shutterstock foreground image. TradingView Charts.
Get an exclusive cryptographic analysis by professional traders and investors on Hacked.com. Register now and receive the first month for free. Click here.
[ad_2]Source link
