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Mark Dow, a trader who has short-circuited Bitcoin (BTC) from its all-time high of $ 19,500 to $ 3,500, said the dominant cryptocurrency could be in trouble if it does not escape the $ 5,000 to $ 6,000 short-term range.
Dow, who at the beginning of this month had made headlines for having abandoned his short position on Bitcoin, said that the asset must exceed the highest levels of resistance and failure in this direction could result in a further decline worth.
Can you unlock Bitcoin for $ 6,000?
Although some traders have expressed a positive feeling about the short-term trend of Bitcoin while the price of Bitcoin has risen to $ 4,300 on Christmas Eve, most analysts in the cryptocurrency space agree that the cryptocurrencies are still in a bear market.
The cryptocurrency market has added $ 26 billion from $ 100 billion to $ 126 billion from the start of December, but still has to increase by at least 65 percent in the assessment to reach November levels.
Still a nice graphic. If the bitcoin can not bounce at 5k-6k early, it's really a bad sign for cyberbulls. And if you break through the yellow line anywhere, even the HODLERs need GTFOs. $ BTC $ XBT pic.twitter.com/FqqyzE1mhb
– Dow (@mark_dow) December 27, 2018
Dow said:
Still a nice graphic. If bitcoin fails to rebound to $ 5k – $ 6k early, it's really a bad sign for cyberbull. And if it breaks through the yellow line [$3,190] at any time, HODLERs also need GTFOs.
Currently, the daily volume of cryptocurrency market is around $ 15 billion, down $ 5 billion from last week.
Trading activity in the cryptocurrency market peaked on Christmas Eve, but with the approaching end of the year, the volume of the market should stagnate.
Bitcoin remains below the value of $ 3,800 and other important cryptographic assets such as Ethereum (ETH) and Bitcoin Cash (BCH) are likely to record huge losses against the US dollar, having already lost two percent during the day.
On December 26, following a decline in valuation at Christmas, a technical cryptanalut analyst suggested that the cryptographic fund's fund was not yet established and Bitcoin could fall to $ 2,000 in the last phase of the bear market.
"I'm confident up to $ 5,400-5,700. Overall, it's still bearish: for me the middle line is the line we rebounded on and we still have to get to the desperation phase." Low rebound volume (down). "About $ 2000", wrote the trader.
Until the market enters a consolidation period of several months, it will be challenging to declare conclusively that a fund has been reached by Bitcoin or any other major cryptocurrency.
A breakout of over $ 5,000 remains a possibility as most cryptocurrencies are demonstrating an extreme level of volatility in a low price range. But it could continue to show downward volatility as the bear market declines.
What investors can expect
The main equity markets, cryptocurrencies, stocks and almost all asset classes in the global market are showing instability and uncertainty.
In the short term, analysts generally see cryptocurrencies rise in price, but they rely on the fact that they could undergo a major correction before the bear market stops.
Shutterstock foreground image. Price charts from TradingView.
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