Home Cryptocurrency Bitcoin Bitcoin keeps falling down, looking for support ground

Bitcoin keeps falling down, looking for support ground

Bitcoin

Share This On Social

Last week the Bitcoin was in a downward trend. The price fell from 4,000 USD to 3,277 USD, but the cryptocurrency then recovered to 3,642.30 USD.

With all eyes on the crypto market mayhem and Bitcoin’s new year-to-date lows, the cryptocurrency’s soaring volatility levels remain underreported. According to the Bitcoin (BTC) Volatility Index as of yesterday, December 9, volatility levels on the Bitcoin market have risen threefold on the month.

Meanwhile, the Bitcoin is below the 12-day EMA and the 26-day EMA, which shows that the price is within the downward trend. However, if the bulls overcome the 3,600 USD price level, the upward trend will resume. On the other hand, if the bears break the price level of 3,400 USD, the cryptocurrency will resume its bearish trend. Meanwhile, the stochastic oscillator is over 20%, with the blue band above the red. This means that the price has a rising impulse and a buy signal.

The four-hour chart is a downward trend. The price reached 3,367.30 USD at the bottom and began a range-bound movement.

The bulls broke the 12-day EMA and the 26-day EMA but failed to maintain their position over exponential moving averages. The price is neither lower nor higher than the EMA, indicating a side trend.

Meanwhile, the Relative Strength Index 14 is level 47, which further indicates that the price is in a lateral trend.

On the BTC/USD 6-month volatility chart, the trend shows a jagged but consistent decrease in volatility as of mid-August — from a six-month high of 3.84% in mid-August down to a low of just 0.73% in mid-November — before the exponential rise in recent weeks. The last time volatility was at a similar level this year was in mid-March, when Bitcoin was trading around 8,771 USD (March 11), according to CoinMarketCap historical data.

Bitcoin market

As previously reported, Bitcoin achieved a 17-month low volatility rate in early October, drawing considerable attention from the crypto community, and even the short-lived joke the asset had transpired to become the ultimate stable coin.

Ripple technical analysis

Last week, the Ripple fell to 0.30 USD while it was on a downward trend. On December 3rd, the price was in a downward trend since the high price of 0.34 USD. Today, the price of the cryptocurrency falls and is close to the level of 0.31 USD. Ripple is below the 12-day EMA and the 26-day EMA, indicating that the price figure is likely to fall.

The price of the cryptocurrency will most likely test the level of 0.24 USD. In addition, the stochastic oscillator is below 20% and is in the oversold area of ​​the chart. This means that there is a bearish impetus and a signal for sale. We can think of a long position if the price falls to 0.24 USD.

In the short term, Ripple’s cost is in a side-trend. On December 7, the crypt fell to the 0.29 USD level and began moving below the 12-day EMA and 26-day EMA. On December 8, the price met the resistance of the 12-day EMA and fell. Then, continued the boundary movement.

On December 9, the ripple experienced a resistance between levels of 0.30 USD to 0.31 USD. However, if these levels are violated, previous bottoms will be reviewed.

Ripple’s XRP has been following the movements of market leader Bitcoin. Both dropped significantly in price leading up to Friday last week but underwent a small recovery over the weekend.

Bakkt might be the entry for institutional investors

With the fast approaching of the end of 2018, it can be said that the Bitcoin has so far been disappointing, as well as the crypto market as a whole. After a series of declines in recent weeks, the Bitcoin is now estimated at around 3,500 USD, well below the price on January 6, 2018, when it traded at nearly 20,000 USD. This means that Bitcoin has already lost more than 80% of its value this year.

But despite the falling value of the crypto market, many investors remain confident that the downward trend may still be reversed. One factor that could put an end to the downturn in the market, and perhaps even push it up, is the entry of Bakkt, which will launch its Bitcoin futures services by January 24, 2019.

Many analysts consider that scalability of Bakkt’s crypto trading platform, which is specifically designed for institutional investors, will have a huge impact on space.

Through Bakkt, the institutional volume in the Bitcoin futures niche may increase. In addition, their services for regulated custody of Bitcoin are particularly attractive and could potentially attract existing institutional investors currently operating on “opaque OTC markets”. Bakkt’s main goal is to solve the problems that prevent such clients from investing in space.