Bitcoin is again under pressure on Thursday, Dec 13, trading at $3,463, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Bitcoin is again under pressure on Thursday, Dec 13, trading at $3,463, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
In the midterm, i.e. on H4, the price is testing the descending channel resistance one more time. At the same time, BTC is trying to break out the short term correctional channel support. This way, if the price bounces off the resistance and stays below the support, it may go down to the major support at $2,660.
In the short term, on H1, there is a descending channel, whose resistance is being tested by the price. Once the local resistance at $3,445 gets broken out, the price may rise to the projection channel resistance at $3,800. Conversely, if the support at $3,192 is hit, the BTC will be heading down in the midterm.
According to Weiss Rating, it’s now time to buy Bitcoin, the main reason for it being the low price. This is quite logical: while the market is trying to find its lows, the number of those who want to buy it will be rising. BTC is good for savings and the least speculative asset, that’s why its outlook is rather positive.
How much safe is Bitcoin, is yet to be seen, as the banks have not acknowledged this crypto yet, and the volatility is high. Such investments are not backed by anything, and the traders have to constantly monitor the market conditions in order not to lose their investment. Overall, BTC is not yet regarded as a fully functional investment vehicle globally.
Meanwhile, Michael Novogratz, a famous billionaire says Bitcoin has been falling this year, just like other cryptos, because of no resolution coming from the SEC, as well as because of the Bitcoin Cash devs conflict. Novogratz is sure the crypto market will be very much reformed in 2019 and 2020.
In the coming year, the billionaire assumes BTC price will be within $3,000 and $6,000. His conclusion is very much like ours: while there are no demand coming from the institutional players, the price won’t change that much. In other words, everyone is expecting the SEC’s reaction.
Disclaimer: Any predictions contained herein are based on the authors' particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held Company for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.