CRYPTONAIRE WEEKLY MAGAZINE 211TH EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE
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.
However, early reports that the Omicron variant may be less lethal than previous variants may improve sentiment, resulting in a relief rally in Bitcoin.
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.
Enjoy the issue!
Featuring in this weeks Edition:
- Giving to Services
- Quizarena
- Solidus
- Candao
- Degethal
- Mirai
- Fren
- Beatbind
- FunganomicsRead More
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Giving To Services: Improve Pension Markets With Blockchain Technology!
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BeatBind at the Helm of Revolutionising the Music Events Industry?
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Topic: CRYPTONAIRE WEEKLY MAGAZINE 211TH EDITION IS OUT NOW (Read 373 times)