The crypto market is trading with utter nervousness in the recent days and we could not find any clue that might give a little bit of hope. The heavy downfall might be over for now, yet, we see very little sign of any kind of recent uprising. There has to be some kind of positive and fundamental news to get the momentum back in the positive direction with help of Bitcoin which is the flagship crypto in demand. However, as we stand, the crypto has already lost $630 billion and the capital is shrinking too fast. Here are the potential level areas where the support and resistance might be lying.
- Bitcoin- $5.500 (Back to Mid-November, 2017)
- Bitcoin Cash- $340 zone
- Ethereum Cash- $.20 area (In the Mid December, 2017)
- Litecoin Cash- $40 area
Market retail positioning
Despite the heavy bearish movement in the market, we are watching the retails are holding on. Right now. 95.5% crypto traders are in a net-long position. However, heavy one-sided momentum is still going on and there was no positive news to hold on to.
Bitcoin Yearly Price Chart
Right now, bitcoin is trading near $6,200, yet we are expecting more bearish move towards $5,500, as there is a recent FED meeting ahead of us and no sign of Crypto trading either.
Ethereum getting back to the last year
Ethereum is the second best crypto and it was holding well over $650 in the past couple of months. However, followed by recent trade war, US NFP report and turmoil Euro movement with GBP’s falling is lossless as well, we don’t see any clue to any kind of greenback for cryptos right now (While Ethereum lies below $200).
However, there might be a upside coming on later quarter of this year and a trade deal is due.
Would it be strong enough to hold Bitcoin above $6,000-zone?
Time will come up with a proper answer, we’d hope.
Ethereum yearly Price chart
Read more about Bitcoin sentiment spikes here.
Disclaimer: The content of this article is personal opinion and should not be considered as as investment advise or suggestion towards any trading activity.