Defying Wider Market Downtrend, Bitcoin Money Eyes $3K


Bitcoin money appears to be like set for a gravity-defying transfer upwards.

Knowledge supply CoinMarketCap reveals the world’s fourth largest cryptocurrency by market capitalization rose as excessive as $2,961 yesterday earlier than closing the day (as per UTC) at $2,895.38.

Nevertheless, costs dipped to a low of $2,396 at 04:34 UTC, presumably in response to studies that South Korea – one of many world’s largest cryptocurrency markets – is contemplating an outright ban on cryptocurrency buying and selling.

As of writing, bitcoin money (BCH) is buying and selling again up at $2,670 ranges – up 5.57 % within the final 24 hours. Additionally, BCH is bucking the broader market pattern. As per CoinMarketCap, bitcoin has depreciated by 2 % within the final 24 hours. In the meantime, ethereum and Ripple are down a minimum of 9 % every.

In additional excellent news for bulls, the technical charts point out BCH might prolong the 11.76 % rise from the intraday low additional in direction of $three,000 ranges.

Bitcoin money chart

The above chart (costs as per Bitfinex) reveals:

  • A collection of upper lows as represented by the rising pattern line.
  • A rounding backside (decrease lows adopted by increased lows), indicating the bears have misplaced management.
  • Bullish (upward sloping) 50-day shifting common.
  • Congestion ended with an upside break yesterday, including credence to the above bullish components and indicating scope for a transfer above the $three,000 mark.

At present’s worth drop needn’t be interpreted as an indication of “failed bullish breakout” as markets often shake out weak arms (merchants with tight stops/ much less threat tolerance) after a giant bullish/bearish transfer.

View

  • BCH appears to be like set to check $three,000 ranges and presumably prolong features to $three,500–$three,600 ranges over the subsequent one week.
  • Solely an in depth (as per UTC) under $2,050 (Dec. 30) would neutralize the bullish view put ahead by the rounding backside formation.

Curler coaster picture through Shutterstock

The chief in blockchain information, CoinDesk is an unbiased media outlet that strives for the very best journalistic requirements and abides by a strict set of editorial insurance policies. Interested by providing your experience or insights to our reporting? Contact us at information@coindesk.com.

Disclaimer: This text shouldn’t be taken as, and isn’t supposed to supply, funding recommendation. Please conduct your personal thorough analysis earlier than investing in any cryptocurrency.

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Defying Wider Market Downtrend, Bitcoin Money Eyes $3K

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