- Fundstrat analysts believe that higher prices will support incremental improvements in 2019.
- Bitcoin avoids the oversold levels in spite of the retreat from $3,700.
Bitcoin price is seen trading at $3,593.27 after correcting lower 1.53% on the day according to the cryptocurrencies live rates provided by FXStreet. The largest asset by market capitalization resumed the uptrend on Friday last week where it recorded gains to the extent of brushing shoulders with $3,700.
One of the leading research firms in the United States, Fundstrat recently released its crypto space outlook in 2019. The report notes that there is going to be an incremental improvement in the universe as digital assets increase in price. The lead analyst, Tom Lee shared on Twitter that:
“We see 9 incremental improvements in the landscape that ultimately support higher prices.”
Meanwhile, Bitcoin is trading below both the hourly 100-day Simple Moving Average (SMA). In spite of the drop BTC/USD is still strongly supported at 3,582.31. Slightly above the current market value, Bitcoin will face resistance at $3,600.
However, the technical levels are still positive at the time of writing; the Relative Strength Index (RSI) at 45.94 has sept above the oversold region ignoring the retracement. Moreover, the moving average gap is narrowing to show that Buyers are present and steadily taking their positions. If the above mentioned support gives in, Bitcoin will find support at the 50-day SMA currently at $3,524 while the primary support lies at $3,350.
BTC/USD 1-hour chart
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.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.