Latest Bitcoin [BTC] News
There are some stunning similarities between what they said about the internet back in the early 90s and even at the height of the dot com bubble and what critics are haranguing over Bitcoin—not so much on Blockchain—the technology that powers virtually every project that runs on the power of decentralization and distribution.
Those in power are ring fencing what they think is theirs—that of aggregating power at the expense of the suffrage, making huge cuts through APIs and most importantly preventing adoption by sponsoring and or agitating for policy. But that is about to change. Statistics alone point to a shift of perspective even when prices are falling.
And this has been the norm since inception of Bitcoin and blockchain. BTC prices tend to be cyclic, falling and rising. Falls are usually steeper and with each shake out, the market do come back stronger. The liquidity base gets deeper and regulators more often than not get a chance to squeeze themselves in and in the name of user protection and execution of mandate, they get a foothold in a system that they have been made redundant.
In the process of making their presence known, maximalist and brushed the wrong way while there are a breed of compromising actors who believe that the presence of regulators like the US SEC who are holding the blockchain community hostage via a Bitcoin ETF approval and hunting market makers—are necessary.
Only time will tell but before we know how deep they are, adoption is spreading and the days of wild volatility is quickly coming to a halt.
BTC/USD Price Analysis
Daily Chart – BTC/USD
Nothing much has changed as far as our previous BTC/USD trade plan is concerned. Still, sellers are firmly in control and oscillating within a tight $800 range with resistance at $3,700 and support at Dec 7 lows at $3260.
Like in our previous assertion, bulls will be officially in charge if there are encouraging surges above $4,500 but that’s a $1,100 from spot prices and before then, bulls’ expectations are being extinguished by the hour.
As it stands, BTC/USD is trending within a bear breakout pattern and with steep falls from $6,000, it won’t make sense to fade the existing trend unless otherwise our bullish set-ups are live. If not, and yesterday’s drain continue today, odds are prices will dip below $3,200 igniting bears who might then step up and drive prices below $3,000.
4HR Chart – BTC/USD
A stand out in this time frame is Dec 7 and 8 bull bars accompanied by clear volume spikes. Dec 8 high low is of importance in our trade plan and since it confirms price action, our trading depends on how prices react at its upper or lower limits.
As aforementioned, losses below Dec 7 lows at $3,280 could spell a meltdown and a trend continuation that might drive prices lower further stretching the market. On the flip side resurgence above $3,800 could be boosting and then BTC could expand towards $4,500 re-instilling confidence in the space.
Assuming there are gains above $3,700 or Dec 8 highs, our BTC/USD trade plan will be as follows:
- Buy: $3,700
- Stop: $3,600
- First Target: $4,500
All Charts Courtesy of TradingView
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.