Bitcoin is down about 19% in the month of December, dashing hopes of several analysts who were anticipating a blow-off top to end the year. The US Fed’s announcement that it will shrink its bond-buying program and could increase interest rates three times in 2022, and the uncertainty created due to the omicron variant may have led to a risk-off environment.
However, veteran trader Peter Brandt said in a recent Tweet that Bitcoin’s “key bottoms have occurred with high volume panic capitulation” which has not yet occurred.
Bitcoin has been finding support at the 200-day simple moving average (SMA) for the past few days but is struggling to sustain the rebound. This suggests a lack of demand at higher levels. The 50-day SMA has turned down and the relative strength index (RSI) has been trading in the negative territory, indicating that bears are in control.
A break and close below the 200-day SMA will be a huge negative as that will dent sentiment further and drive away the bulls. The BTC/GBP pair could then drop to £29,000 and later to £26,845.
The longer the price sustains below the 200-day SMA, the greater the possibility of an extended downtrend. Contrary to this assumption, if the price rebounds off the current level and rises above the downtrend line, it will suggest that the selling momentum has weakened. The pair could then rise to the 50-day SMA.
A break and close above this level could open the doors for a possible rally to £45,306.70 and then to the all-time high at £51,000. We will wait for the price to bounce and sustain above the downtrend line before recommending any long trades.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
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CRYPTO TRADE OPPORTUNITIES
BITCOIN – BTC/GBP
Bitcoin has been finding support at the 200-day simple moving average (SMA) for the past few days but is struggling to sustain the rebound. This suggests a lack of demand at higher levels.
The 50-day SMA has turned down and the relative strength index (RSI) has been trading in the negative territory, indicating that bears are in control Read more
ETHEREUM – ETH/GBP
The bears have repeatedly pulled Ether below the 100-day SMA in the past few days but the long tail on the candlesticks suggests strong buying at lower levels.
However, a minor negative is that the bulls have not been able to build upon the bounce off the 100-day SMA. This suggests a lack of demand at higher levels. Read more
RIPPLE – XRP/GBP
XRP plummeted below the strong support at £0.63 on December 4 but the bears could not capitalise on this weakness. This suggests that selling dried up at lower levels.
The XRP/GBP pair has been trading between £0.56 and £0.69 for the past few days. The RSI has risen close to the midpoint, indicating that the bearish momentum has weakened. Read more
CARDANO – ADA/GBP
Cardano broke below the support line of the descending channel on December 9, indicating that the selling pressure was increasing. The bulls attempted to push the price back into the channel but failed.
This suggests that the bears have flipped the support line of the channel into resistance. The bearish crossover suggests that sellers are firmly in the driver’s seat. Read more
BINANCE – BNB/GBP
Binance Coin has been bouncing off the support of the large range between £377 and £493.20 but a minor negative is that bulls have not been able to push the price above £411.50.
This tight-range trading is unlikely to continue for long. If bears sink and sustain the price below £377, the BNB/GBP pair could start a decline to £320 and later to £286.80 Read more
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