Despite the slight downturn, the institutional adoption of Bitcoin continues to increase. Filings with the United States Securities and Exchange Commission show that four wealth management firms have bought shares in Grayscale’s Bitcoin Investment Trust.
A survey of about 42,000 people in 27 countries by product comparison website Finder showed a high adoption rate in Asia. Among the countries polled, Vietnam had the highest adoption rate at 41%, while India and Indonesia had a 30% adoption rate.
Several investors were hoping for a blow-off rally in the final month of the year, but the markets had other plans. Bitcoin plunged on December 4, dragging the entire crypto markets lower. The total crypto market capitalisation plunged from over $3 trillion on November 9 to about $2.4 trillion on December 6, according to Coingecko data.
The failure of the bulls to push Bitcoin above the 20-day exponential moving average (EMA) between November 29 to December 1 showed that bears are defending this level aggressively. This may have prompted selling from traders who had purchased the dip to the 100-day simple moving average (SMA). The selling intensified on a break below the 100-day SMA and the BTC/GBP pair plunged to £34,031.76. The long tail on the day’s candlestick shows that bulls aggressively purchased the dip. But a minor negative is that buyers are struggling to sustain the bullish momentum at higher levels. This indicates that demand dries up at higher levels.
The 100-day SMA, which had been acting as a strong support till now is likely to turn into a stiff resistance. If the price turns down from the 100-day SMA, the pair could retest the December 4 intraday low at £34,031.76. A break and close below this level could pull the pair to £30,000. The downsloping 20-day EMA and the relative strength index (RSI) in the negative zone indicate that bears have the upper hand.
This bearish view will invalidate on a break and close above the 20-day EMA. Lastly please check out the advancement’s happening in the cryptocurrency world.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Giving to Services
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
The failure of the bulls to push Bitcoin above the 20-day exponential moving average (EMA) between November 29 to December 1 showed that bears are defending this level aggressively.
This may have prompted selling from traders who had purchased the dip to the 100-day simple moving average (SMA). The selling intensified on a break below the 100-day SMA and the BTC/GBP pair plunged to £34,031.76. Read more
ETHEREUM – ETH/GBP
Ether is range-bound between £2,932.90 and £3,607.44. Although bears pulled the price below the support of the range and the 100-day SMA on December 4, they could not sustain the lower levels as seen from the long tail on the day’s candlestick. Read more
RIPPLE – XRP/GBP
We had suggested in our previous analysis that if XRP turns down from the 20-day EMA, it could plummet to psychological support at £0.50 and that is what happened.
The XRP/GBP pair turned down from the 20-day EMA on November 30 and dipped below £0.50 on December 4. A minor positive is that bulls purchased the dip aggressively as seen from the long tail on the day’s candlestick. Read more
CARDANO – ADA/GBP
Cardano continues to be in a strong downtrend. The bulls attempted a relief rally from the support line of the descending channel on November 28 but the recovery stalled at the 20-day EMA. Read more
BINANCE – BNB/GBP
Binance Coin turned down from the overhead resistance at £493.20 on December 1. This could have prompted profit-booking from short-term traders, which pulled the price below the 20-day EMA. Read more
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