Bitcoin Weekly Outlook: Expect Mild Corrections Ahead of Holiday Period
The benchmark cryptocurrency ascended to its lifetime record level of $24,300, up 22. as traders assessed its growing prominence as an emerging safe-haven alternative among institutional investors.
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In the short-term, supporting the upside outlook is the uncertainty led by a rising number of coronavirus infections in the US.
Traders expect Bitcoin price to stay in a “choppy” $42,000 to $53,000 zone until confidence returns to the market. The wider cryptocurrency ecosystem is in a heightened state of fear on Dec. 6 after the Dec. 3 market sell-off continues to send ripples across the the sector and Bitcoin (BTC) price remains pinned below $50,000. Data from Cointelegraph Markets Pro and TradingView shows that bulls are managing to hold BTC price above $49,000 but the generally outlook suggests that additional days of consolidation are in store. BTC/USDT 4-hour chart. Source: TradingViewHere’s a look at what....
Bitcoin has become too expensive to purchase following its wild run-up above $37,500 this Thursday. But the cryptocurrency still provides attractive buying opportunities with lower risk profiles. Investment consultants at TradingShot provided a fractal-based outlook of Bitcoin’s previous parabolic move in 2017 and the price corrections that appeared during the period. They spotted buying patterns around certain technical support levels—provided by a group of moving average waves—that sent prices to new highs after each retest. […]
Bitcoin slipped into negative territory ahead of the Federal Reserve Chairman Jerome Powell’s scheduled speech about the US economy. The benchmark cryptocurrency waved between profits and losses, only to fall by 0.85 percent to $10,701 ahead of the New York opening bell. Futures tied to Bitcoin also plunged by 0.37 percent, signaling a rough start […]
For all intents and purposes, Bitcoin is back in a bull market. But even bull markets don’t always simply move upward in a straight line. Along the way, the road gets rocky, and violent and volatile corrections wipe out weeks of progress made in a matter of one or two. Data shows that past bull market corrections average roughly 37% in downside, according to iconic career commodities trader Peter Brandt. If a similar correction follows […]