Bitcoin’s RSI has hit lowest oversold region for the first time since January 2015.
this drop seems to be the start of deeper accumulation to the institutional products that will be entering the space at the beginning of next year.
BTC Update December
BTC dominance is currently at 53.6%. The total market cap is currently at $134.1 billion. The market volume of the last 24h was $14.3 billion.
Historical Data for Bitcoin
1st week of December
Open : 4,200.73
High : 4,301.52
Low : 4,110.98
Close : 4,139.88
Volume : 5,262,697,895
Marketcap : 72,050,487,506
Since Jul-2018 the Bitcoin volatility had reduced substantially. So much that it had become a stable coin. Experts and Visionaries were confident that $6,000 is The “final” bottom and soon We will start the journey to the moon.
On Nov-14–2018. To everyone’s surprise, Bitcoin started another Flash-crash. The long held support of 6K was broken. Daily, Weekly, Monthly lines were broken. Now experts are looking for the next floor.
Cryptoland is full of “coincidences” and most remain in denial.
The common myth, is market works based on demand & supply. It’s true to some extent but most part markets work based on manipulations. While most of you may think, this is some conspiracy theory, it’s not. That’s a hard fact. Markets work based on manipulations & that’s true for every market including equities, commodities, currencies & crypto. Being aware of every aspect as far fundamental, technical and manipulative allows you to swim and surf the waves of profits.
Three coincidences happened during this Crash.
Important news flashes very close to each other and then Bitcoin crashed 40% in 5 days.
- Bitcoin-Rigging Criminal Probe Focused on Tie to Tether
- SEC-ICO Crackdown
- BAKKT reschedules Launch because of “volume of interest”
In 2017, a portion of the community created an alternate version of Bitcoin called Bitcoin Cash, which can handle more transactions, through a “hard fork” process. Then, last week, Bitcoin Cash itself went through a hard fork. In which the network is split and miner will support their corresponding choice of network. This lead to severe drop in hashrate in the bitcoin network fueling the drop. In addition to orchestrated series of events the media must assist as a media sentiment shift tactic to scare investors and force them to sell at lower prices.
In addition to orchestrated series of events the media must assist as a media sentiment shift tactic to scare investors and force them to sell at lower prices.
Bitcoin found a temporary a temporary bottom at $3,456 Bitcoin trading volumes hit seven-month highs However reporting 36 percent monthly loss.
Notably, monthly trading volume jumped 33 percent to $158.48 billion the highest level since May.
The high volume sell off could be an indication the market has, to some extent, capitulated, that is, investors likely gave up on trying to recapture lost gains and exited the market, leading to a sharp drop in prices.
While that may be true, it is still too early to call a long-term bottom.
Observing bitcoin history trajectory the bottom maybe anywhere in the 2800-3200
Thereafter accumulation will begin for an unprecedented period of time.
The outlook is certain as institutional products will be arriving the space.
However with the shifts of regulations is difficult to have certain outlook on the price.
“While casual traders and newcomers are finding their way out of the market, older investors with a longer time horizon are taking advantage of the depressed bitcoin price to acquire more of the asset.”