A classic bull run forecasting metric goes “full bull,” while whales look to hedge exposure to the Federal Reserve this week. Bitcoin (BTC) whales are the centre of attention this week as buying and selling habits split the BTC price narrative. New findings from on-chain analytics firm CryptoQuant show derivatives investors leading the way when it comes to bullish bets on Bitcoin.
Elon Musk has been named Time Magazine's Person of the Year for 2021. "He's a player in robots and solar, cryptocurrency and climate, brain-computer implants to stave off the menace of artificial intelligence and underground tunnels to move people and freight at super speeds," Time Magazine said
Bearish sentiment continued last week especially after Tuesday’s big sell off in the markets as Bitcoin once more came under heavy selling pressure. From the dizzying heights of £51,000 made last month on November 10, this pair ended the week at £37,105 below both moving averages as the 20-day EMA finally crossed the 100-day SMA to the downside.
This is aided and abetted by the relative strength index ( RSI ) which is currently sitting at around 34 with the bears firmly in control. From a technical view this is backed up by the resistance and supply levels on the Fib retracements, with double confluence at the 61.8 level and MA’s.
It will be interesting to see how this chart plays out towards the end of 2021 going into the new year to see if the bulls can move price above both moving averages or maybe a double bottom will be formed from the low of September 21 at £29,000 and support and demand area as indicated on the chart.
Fundamentally we have some big news announcements this week, with none bigger than Wednesday’s final FOMC meeting of the year to be mindful of.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
FEATURING IN THIS WEEKS EDITION
– Giving To Service
CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bearish sentiment continued last week especially after Tuesday’s big sell off in the markets as Bitcoin once more came under heavy selling pressure.
From the dizzying heights of £51,000 made last month on November 10, this pair ended the week at £37,105 below both moving averages as the 20-day EMA finally crossed the 100-day SMA to the downside.
This is aided and abetted by the relative strength index ( RSI ) which is currently sitting at around 34 with the bears firmly in control. Read more
ETHEREUM – ETH/GBP
When price rejected the 50.0 Fib retracement on December 4 with that long Pinocchio Bar ( pin bar ), it looked as though the bulls were about to take control once more and continue the uptrend after a couple of weeks or so of sideways action, especially after price closed above the 20-day EMA on December 8.
However, the bears were clearly out in force and pushed price back below the 20-day EMA, and although it bounced off the 100-day SMA last Thursday on December 11, yesterday’s ( December 13 ) big sell off has price now firmly below that MA. Read more
RIPPLE – XRP/GBP
Despite price rejecting £0.46 on December 4 with that long Pinocchio Bar ( pin bar ), the bulls have clearly struggled to gain a foothold on the XRP/GBP pair with the 20-day EMA acting as strong resistance when price tested that level last Tuesday, December 9.
Unless price on this chart can climb above both moving averages putting the bulls firmly on the front foot once more, then it appears all roads could possibly be heading back to and a retest of December 4 low of £0.46, thus painting a possible double bottom and potential support and demand area. Read more
CARDANO – ADA/GBP
Since making the high of £2.086 on September 2, the bears have been in complete control of Cardano, and despite last Thursday’s bullish move on December 9, it was another bearish week overall for this pair.
Price is very clearly below both the 100-day SMA and the 20-day EMA moving averages supported by the resistance and supply Fibonacci retracement levels. Read more
BINANCE – BNB/GBP
When price made a double top at £494.3 on November 26 ( November 14 previously ), this pair has experienced choppy price action ever since with neither the bulls or bears taking full control. The candlesticks both above and below the 20-day EMA recently put this into perspective.
As seen on the current chart the price is currently between the 20-day EMA and also the 100-day SMA with no clear direction and in consolidation mode. Read more
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