2018-12-10 17:22 |
Latest Bitcoin News
The crypto market could be making a comeback. It’s up $90 billion in the last 24 day and during that time, there has been a lot of speculation on what’s could be behind this resurgence of buy activity. One theory is that after 11 months of steep declines, the BTC/USD market is naturally correcting. A dead cat bounce before trickling lower back to the $2,500 levels as projected by Bobby Lee the co-founder of BTCC.
Well, that will be disheartening and something that we don't like to see. Yet another proposal is the increasing use of Square’s Cash App. After getting the Bit License from New York’s DFS, users of the app can not only send and receive cash but they can buy and sell Bitcoin right off the platform. What’s more, the application is mobile.
In fact, statistics indicate that the number of downloads has been on the rise even surpassing that of Venmo—which is backed by PayPal. This points to increasing use activity which the community needs. It also coincides with reports that the number of Bitcoin-related transactions could surpass that of MasterCard.
At the same time, the number of Lightning Network nodes, channels and transactions keep rising, with the capacity increasing 318 percent to $1,653,560.63 at the time of press.
Bitcoin (BTC) Price Analysis BTC/USD Daily ChartObviously, the trend is bearish and in line with our previous BTC/USD trade plan, the only time we expect buyers to be in control is when prices expand above $4,500. It’s our main resistance level and a buy trigger of our interest.
Though the market appears to be recovering, volumes are light and even if we have a double bar bull reversal pattern of Dec 7-8, volumes are low and below average. Still, BTC/USD is still oscillating inside Dec 8 high low and before we suggest short-term buys with first targets at $4,500, then we need to see confirmation of yesterday’s bulls.
That means expansion above Dec 8 highs at around $3,800 at the back of high trade volumes.
BTC/USD 4HR ChartTrading as above, we look to scalp the market and trading along the trend set in motion by Dec 8-9 bulls.
Already BTC is finding support at $3,270—last week’s lows. Despite the trend is bearish, we shall look to initiate long positions if and only if there are gains above $3,800 or Dec 8, 2300 HRs, above the average bull bar—17k versus 8k average.
Once that prints out then our first target will be $4,500 with stops at Dec 9 lows at $3,470.
Therefore, this is how we shall trade the BTC/USD pair:
Buy: $3,800 Stop: $3,470 First Target: $4,500Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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