“Bitcoin and Big Tech took a beating as investors reallocated some of their most profitable risk bets,” Edward Moya, Oanda’s senior market analyst, writes in a client note. “The crypto space is seeing a big repositioning and that is leading to some unwanted selling pressure, but the medium and long-term outlook remains strong,” he added
“Bitcoin is still trading in range after another chaotic week for the markets,” says Craig Erlam, analyst at Oanda. “On the one hand, the trend is very against it, but it is seeing strong support around $ 47,000,” he explains, “so this price will hardly be lowered.” And the expert believes that “cryptocurrencies are clearly entrenched and are reluctant to let another stellar year end on a negative note.” “Many expected to reach six figures by the end of the year,” he says, alluding to the predictions that bitcoin would reach 100,000 before the end of 2021. “Now you can cross your fingers and wait for half (50,000),” he says.
With bitcoin 33% below its November all-time highs, the queen of digital currencies is not out of the woods just yet, as bears are showing their grip in the short term, but the truth is that the technical outlook for bitcoin has not changed at all in recent sessions. Bitcoin has support around the corner at last week’s lows ($ 47,215) and resistance at last week’s highs ($ 52,195). “And all of the above within a clear long-term upward trend in the background, which has not been threatened in the least. However, unlike other market moments, no more or less clear potential pattern is observed”, concludes José María Rodríguez, technical analyst at ‘Bolsamanía’.
Other experts also warn that as long as the price remains above $ 46,000, where the 200-day moving average is, there is hope of seeing a brief price rebound towards $ 55,000 if buyers react to oversold signals in the markets. graphics. Price momentum is starting to turn positive on the daily chart for the first time since October, when these signals preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means that the upside could be capped beyond $ 55,000 to $ 60,000.
As for ethereum, it is struggling with $ 4,000, a price level that previously acted as support and is now formidable resistance. Although the number two cryptocurrency left highs this Thursday above this level, up to $ 4,100, the sales limit any attempt by the ‘bulls’ and return this token to $ 3,900. The technical outlook for ether – the native unit of the Ethereum network – suggests that the price is encapsulated in a range that goes between this resistance and $ 3,660, in round numbers, with a December 4 low at 3,500. dollars, a barrier that analysts at IG Markets advise that it must be sustained to avoid further falls.
The rest of the tokens are staining red, with dogecoin holding down $ 0.17 after having staged a rally to $ 0.20 this week, buoyed by a fresh dose of support from Tesla CEO Elon Musk. This momentum, however, seems to have quickly faded.
Source From: Ambito
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