Bitcoin price is fluctuating around 3,800 USD, finding strong support at this range. However, Bitcoin is trading down at about 2% into the second half of Monday’s session, as the bears managed to force a devastating breach of near-term key support.
The year has been a period of correction in the cryptocurrency market. It is true to say that it has been both bitter and sweet. We saw Bitcoin spiral losing ground massively from its all-time high traded in December 2017. In spite of the declines, there has been a tremendous development in terms of technology and new products. The market has battled to come out of the speculation and focus on the core of the industry, development and mass adoption.
Bitcoin has not been able to come out of the bear trend the entire year. The asset has experienced frequent recoveries followed by devastating free falls. In the last two months, the Bitcoin broke the support at 6,000 USD, falling below 4,000 USD. This ignited the declines to the extent that Bitcoin refreshed the yearly lows around 3,200 USD. A correction from the annual lows was rejected at 4,200 USD last week and fell to 3,800 USD.
The bearish moods extended to the whole cryptomarket, causing serious declines in altcoins. However, they all received support around Christmas with slight improvement, keeping the total market value of around 130 billion USD.
Growing demand from China may speed up adoption of Bitcoin
Bitcoin and cryptocurrency adoption has failed to support the price this year, with fears around sluggish bitcoin uptake weighing on investors and companies in the crypto market.
According to a new survey, China shows surging interest in the Bitcoin and cryptocurrency, with many keen to invest in crypto in the future. The data found that 40% of 4,200 respondents said they would be willing to invest in bitcoin or cryptocurrencies in the future, while half of all respondents had at least heard the terms “cryptocurrency”, “digital currency” or “Bitcoin”.
However, 63% of those asked said they don’t think Bitcoin are required as a means of payment and just 22% said they were aware of blockchain-powered tokens.
Ripple price analysis
Last week, December 24, Ripple’s price was in a bullish trend. The cryptocurrency reached a peak of 0.46 USD but faced resistance at the level of 0.45 USD. The price then fluctuated below the 12-day EMA and over the 26-day EMA. Currently, the price is above the EMA, but it is in the bearish trend.
If Ripplebreaks through the 12-day EMA and the 26-day EMA, it’s likely to fall to 0.29 USD and 0.33 USD. Meanwhile, the stochastic indicator is outside the overpriced region but is close to a 40% range.
On the 4-hour chart, the Ripple price is in a side trend. On December 25, the cryptocurrency fell to 0.37 USD and began moving within the range of 0.33-0.40 USD. On December 26, the price tested the resistance at 0.40 USD and dropped to 0.34 USD.
Therefore, traders have to initiate short transactions at a higher price level and come close to the lower level of the price range. At the level of support, long transactions can be started and you exit your deals near the upper level of the price range. Meanwhile, the stochastic indicator is approaching the oversold area below 20%.