Bitcoin Price Analysis: BTC Exposed, ETF Hopes Dimming? | 코인긱스

Bitcoin Price Analysis: BTC Exposed, ETF Hopes Dimming?


  • Bitcoin Price slide, potential support at $3,400 or 78.6 percent Fibonacci level
  • SEC may not approve Bitcoin ETF
  • Reaction at $3,700 important for bulls

In the short-term, sellers seem to be in charge and yesterday’s drop below our immediate support at $3,700 may lead to reductions towards $3,400. In the midst of this, we are net bullish because of buy pressures of week ending Dec 23.

Bitcoin Price Analysis

Events of the week ending Dec 23 and consequent follow through reinvigorated bulls. Regardless, the fact that prices reversed from the $4,100-200 resistance zone at the back of high volumes meant sellers are back in contention and the third phase of a classic bear breakout pattern—the trend resumption phase is in progress. Going forward, the reaction of BTC prices at the 78.6 percent Fibonacci retracement level at $3,400-50 zone could define medium-term price trajectory.


Surprisingly, the question of Bitcoin ETF approval appears to be shifting from regulatory compliance to market readiness. Cynics are not confident about the maturity of the sector and whether existing infrastructure, especially on the custodial side of the equation, shall handle the expected transaction deluge from institutional grade and HNW investors.

So far, the SEC has rejected nine application, and the VanEck, SolidX and CBOE application stands out. According to last years, rumors may be the first to be approved. However, Meltem Demirors, during Ran Neuner’s CNBC Crypto Trader said there is no way this application will get ticks from the SEC and that there are far few upsides for the US SEC.

Candlestick Arrangement


Technically, bulls have a chance. Founding our optimism are bulls of the week ending Dec 23 and the failure of bears to reverse these gains four weeks after confirmation by the first week of 2019. Moving on, we shall retain a bullish outlook even if sellers appear to be back following Jan 13 close and break below the $3,700 , the base of late Dec 2018, early Jan 2019 bull flag.

While the path of least resistance is southwards, assuming there is confirmation of yesterday’s losses, immediate support will be at $3,400-50 zone marking the 78.6 percent Fibonacci retracement level of Dec 2018 high low.

Drops below this support will inevitably lead to depreciation towards $3,220 or Dec 2018 lows. On the flip side, reversal at spot or from $3,400 could lead to gains above $3,700 and $4,000. However, we recommend patience until after there is a rally above $4,500 which could potentially open doors for $6,000.

Technical indicators

Behind Jan 10 declines were high volumes reflecting those of Nov 20. Both propelled bear bars. Therefore, for our projection to be accurate—short-term bullish in line with late Dec 2018 gains, a counter bull bar backed by high volumes—preferably above 35k or Jan 10 volumes should print driving prices above $3,700 ideally from spot prices.

The post Bitcoin Price Analysis: BTC Exposed, ETF Hopes Dimming? appeared first on NewsBTC.

source :

Bitcoin Price Analysis: BTC Exposed, ETF Hopes Dimming?



‘에이코인(ACOIN)” 은 전 세계 오프라인 금거래 시장에서 금의 안전한 거래를 위해 사용하는 프로토콜 암호화폐이며, 코인월드 에이코인(ACO) 전용마켓 오픈 예정
한미중일 4개국 합자투자로 탄생한 코인월드, ‘에이코인'(ACOIN) 국내 최초 상장 협의중으로 4/16 사전 예약 실시
Coin world, ACOIN listing Discussion
Cryptocurrency exchange coin world, advance booking on next 16th

No comments

비트코인을 사용하는 방법을 터득하고 있다

사용자와 투자자가 비트코인을 실제로 사용하는 방법을 터득하고 있다. 차트에서 볼 수 있듯이 지난 3개월간의 BTC 거래 총액은 2천만개로 2 분기의 1천7백만대보다 13.6% 증가한 것으로 나타났다.…