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Bitcoin (BTC)
This Thursday, December 23, the first cryptocurrency hit the $ 50,000 resistance zone. However, the bulls failed to take that level and as a result was rebuffed by the bear. At the time of writing, bitcoin is trading around $ 48,500.
The new day followed the trend of the previous one. The formation of the daily candle began to fall, but at $ 48,000 a share bulls revival.
While we have received a new local maximum, it remains completely within trend bearish. Settling over $ 50,000 would be a great sign of rapid market changes, but unfortunately the must bulls constant lack of strength.
At this point, bitcoin is at a crossroads. Technically we could not storm the resistance and now the first cryptocurrency will have to change direction and test the support. In this case, we will see a drop down to $ 45,000. While bitcoin started the day with a slight decline, the bulls has already repurchased some of the losses, which means buyers will try across the bar $ 50,000 today.
Another important point that you should pay attention to is low volatility. Over the past 24 hours, the price of bitcoin has moved within a very narrow price range. And if the same situation happens again today, we will conclude that the bulls and the bear Agreed that the $ 47,500- $ 48,000 price range be a new level of local support.
In general, the growth of the first cryptocurrency that occurred on December 21 could be seen as a serious request for a trend reversal. However, this will only be an application, until the bulls get new strength and consolidate over $ 50,000. If the long-awaited resistance continues, bitcoin is very likely to rise to stagnation and trade between $ 47,000 and $ 49,500 for some time. And it is in this accumulation that the fate of the entire cryptocurrency market will be determined. But since this formation will always be part of the “ETE” pattern, there is a high probability that this pattern will end and a new pattern will end. Dumping happen.
Ethereum (ETH)
Ether is still struggling for the $ 4000 level and the result is part of the triangle bullish. Nonetheless, almost nothing specifically depends on the largest altcoin in this case. It all depends on bitcoin.
Do not forget about risk management and do not neglect stop-loss. The market can be very volatile. You never know what might be waiting for you in the next moment. However, we encourage you to join the Cointribune via community Telegram if you have any questions about this analysis or the whole crypto universe!
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I like cryptocurrency. I have been studying it for several years now, but also investing in it and working in this field. Plus, I do articles on the topic where I try to be clear and concise!
