• BTC/USD hit a new cycle low, closer to $3,000.
  • The SEC delay was the trigger, and whales could be on the move.
  • Bitcoin is in oversold territory, but not deeply so. The experts see further falls for BTC/USD.

Bitcoin and other cryptocurrencies made some attempts to recover early in the week but these moves now look like just another "dead cat bounce." Even a dead cat bounces when it falls to the floor. 

As time passed by, digital coins were leaning lower, and then came the Securities and Exchange Commission. The US regulator decided to postpone its decision on a Bitcoin Exchange Traded Fund (ETF) from late December to late February. The high-profile application by SolidX and Van Eck provided a lot of hopes for crypto traders. 

A Bitcoin ETF is essential for bringing mainstream investors into the world of cryptocurrencies. While the previous week saw moves towards institutional participation (NASDAQ, Coinbase OTC, etc.), the retail world is no less important. 

More:: Bitcoin ETF explained: 9 questions and answers about the critical crypto catalyst

In addition, there have been reports about massive movements of capital between various crypto wallets. These have raised the speculation that large players have been dumping cryptos in order to push prices lower, only in order to accumulate them later on. 

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel


 

BTC/USD Technical Analysis 

BTC USD technical analysis December 10 14 2018

The Relative Strength Index (RSI) is below 30 on the daily chart, indicating oversold conditions. However, these conditions are milder than they were in mid-November. The relative stability seen before the recent crash cleaned some of these conditions. Momentum remains to the downside and the price is well below the Simple Moving Averages on the daily chart, and this does not bode well for the granddaddy of cryptocurrencies. 

The previous low of $3,466 now switches to resistance. A further cap awaits at $3,660 which was a support level before the crash and also a stepping stone on the way down. The next level to watch is $3,825 which was a temporary support line. The sub-$5,000 low of $4,051 is next and it is followed by $4,400 and $4,600. 

Looking down, the fresh low of $3,299 is the obvious support line. 

What are the next levels to watch out for below the fresh lows? Here is what FXStreet crypto expert Tomas Salles says:

Under this support level, the BTC/USD would already be in a position to strike the psychological level of $3,000 and then head to the second support level at $2,880 (price congestion support). The third level of support is at $2,500 (price congestion support).

The Forecast Poll of experts is dominated by the bears with a target below $3,000 in the long-term. The projections have been revised lower on all timeframes. 

Bitcoin experts forecast December 10 14 2018

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000

The United States unemployment rate for January came in at 3.4% which is lower than forecast of 3.6%. The Nonfarm Payrolls (NFP) data shows that 517,000 jobs were added in January, which is much higher than the expected 185,000.

More Bitcoin News

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA

Cardano (ADA) price has succeeded in breaking above key levels near $0.39 as the pivotal historical level at $0.388 and the 200-day Simple Moving Average (SMA) all got broken to the upside with the Federal Reserve meeting on Wednesday.

More Cardano News

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?

Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday.

More Ethereum Classic News

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings

More Bitcoin News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP