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Bitcoin has enjoyed a recovery of sorts over the weekend, reaching $ 3,600, but has begun a gradual decline from that point onwards. The inability to organize a significant recovery is not a good sign. As the dust settles, that shot looks like another rebound from the dead cat. By the end of the week, Bitcoin has fallen to new lows. Bitcoin has attracted everyone's attention towards the end of the year, as the asset has continued to see investors' flow of funds, despite multiple attempts that have seen the pair hit the lows in 2018 as experts and analysts predicted that Bitcoin will recover at the new historical highs. However, instead of a recovery, the resource continues to focus on the rocks that drag the entire market.
Bitcoin is giving an eye to the current level of oversold
Bitcoin is keeping an eye on the current oversold level that saw the BTCUSD pair fall to its 15-month lows. This has crushed the hopes of many investors who believed there would be a recovery towards the end of 2018. In addition, the Christmas break is behind the corner and it is not expected to change much in the coming weeks. The main downside driver is something that is not happening: a Bitcoin ETF. The last delay of the SEC has dealt a blow to all cryptocurrencies. The high-profile application of SolidX / Van Eck was postponed until February. Bitcoin is currently dancing inside a narrow range following the great fall of the waterfall. He tested the monthly minimums around $ 3,200. A move that was set on fire after the BTC / USD was rejected at $ 3,400 which is considered a critical resistance zone.
The business is also swapping hands below the moving averages of the time slot, while investors continue to debate whether the pair has found the minimum at $ 3000 or will continue to fall towards $ 2500, while 2018 will close . The price of Ethereum fell further below the key supports against the US dollar and bitcoin. The ETH / USD could accelerate losses if there is a break below $ 80. Ethereum was previously consolidating inside a symmetrical triangle pattern and broke under the support to signal that further declines are in progress. The price may be due to a quick withdrawal of the support before heading further south. The 100 SMA is below the 200 long-term SMA to confirm that the path of least resistance is towards the negative side or that the selloff is more likely to resume than to reverse.
<p class = "canvas-text canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This article it was originally published on FX Empire "data-reactid =" 26 "> This article was originally published on FX Empire
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