The latest crypto news show that Bitcoin pulls back into a futures gap and retraces from its sharp drop last week. However, analysts are uncertain if a new bull run is coming and if we can finally forget about the low of $6,430.
As Christmas kicks in and the New Year is nearby, many expect to see Bitcoin (BTC) rising to new heights. However, the reality is that the reversal is quite slow right now. We can see that recently, the price of Bitcoin touched $7,700 and made a sharp drop to close a CME futures gap at around $7,230.
So, the big question now is – is it time to be bearish, bullish or neutral? A new check of the graphs is needed after the latest dropdown. If we see the charts, we can see that Bitcoin pulls back into a futures gap and is still trending down from the year’s high at $13,900. In addition to this, a wick inside the green zone and a golden pocket Fibonacci ratio provided intense buying pressure. This is what lead to a bounce forming now from last week and the price going from $6,430 to $7,690.
The Bitcoin price news also show that the green area can be seen as a substantial area of support as the price has been bouncing off the $6,000 area many times during 2018. Aside from this, the price was stuck inside a narrow range before the huge dropdown to $3,100 occurred.
Therefore, constructing a bottom formation inside the green area could make this vital support and resistance area a launchpad for a new upwards move. Also, there are bullish divergences forming as Bitcoin pulls back – which is usually linked to more fuel for a probable trend reversal.
The total market capitalization chart shows that there is a similar view to the Bitcoin chart, where a full retrace towards the April and May levels may occur and support may be found in this zone.
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The chart shows that a possible bullish divergence may be there as well – leading to a potential trend reversal.
If we see the total market capitalization chart, we can notice that things are improving and the support and resistance levels are stretching out.
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