The latest Bitcoin news on our DC Forecasts Bitcoin news site show that the large sell-off from the $3,400 region has pushed the Bitcoin price to a new bottom and a yearly low at $3,200. As the most dominant cryptocurrency declined in value, other major altcoins such as Ethereum, Stellar and Bitcoin Cash experienced large losses against the US dollar.
Bitcoin Cash (BCH) has even fallen by more than 11% recently and more than 80% in one month alone. Within a week, the BCH price has fallen from $116 to $89 in a 25% increase despite dropping nearly half of its value last week.
Bitcoin’s performance has been reviewed by many analysts so far. According to one of the most prominent ones called “The Crypto Dog” this may be a risky period to initiate trades on the short-term trend of the dominant cryptocurrency, mostly due to its volatility in a low price range.
As he wrote on Twitter:
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”
Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected.
“Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote.
So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen.
Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
Bitcoin Is Doomed: Analysts Are Afraid Of Bears After $400 Drop
"I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC."https://twitter.com/CryptoMichNL/status/1193102628479094784The cryptocurrency and its long-term charts indeed seem to be implying that medium to long-term upside is highly likely. As reported in our Bitcoin news before this, the trader HornHairs noted that he "likes the chance we hit $14,000 before $7,000." With this, he remarked that there is still a possibility for Bitcoin (BTC) to rise and lean bullish rather than bearish.https://twitter.com/CryptoHornHairs/status/1189968006006353921Filbfilb was also in the news, noting that by the end of November or start of December, the 50-week and 100-week moving averages will see a "golden cross" which he claims is far more significant for the BTC market than other technical crosses.
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- Hourly MACD – The MACD for XRP/USD is right now (re)gaining its pace in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is barely staying above the 50 level.
- Major Support Levels – $0.3000, $0.2985 and $0.2970.
- Major Resistance Levels – $0.3025, $0.3030 and $0.3050.
BTC Is Trending Higher, Tackling $9,300 With An Upward Momentum
“Once we get a monthly close above $14k, we'll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that's the best time to deploy capital,” Woo explained in a number of tweets this Monday.As we reported in the news before, Woo is not alone with this prediction about the BTC/USD pair. Last week, the contributor filbfilb also eyed the potential for the pair to revisit the $8,000 region.
“Suspect there are a lot of over leveraged people in the 9300s with stops below 9k. Whales probably tempted to dump it and get a lower entry,” the analyst said in an update on his Telegram channel.Currently, BTC is trending higher and just crossed the $9,256 mark with a 0.53% increase on the day. The market cap also managed to increase for a couple of billions which is another good sign for a potential bull run.
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