Bitcoin price declined further and traded to a new 2018 low below $3,700. Later, BTC/USD bounced back, but the rebound upside was capped near the $3,900 handle. The pair hit intra-day / 2018 low of $3672.08 but the rebound saw the pair manage to hold fort above $3800 handle. The current price action is positive as long as the price is above the $3,800 level, however there is high level of resistance for the pair around $3950 to $4000 handle. A convincing break above the $4,000 barrier is must for buyers to take control in the near term. If not, there is a risk of a fresh decline below $3,800 and $3,700 in the near term.
Legacy Crypto’s Follow BTC’s Price Pattern Falling Sharp In Early Market Hours & Staging Recovery In Later Half
Overall, bitcoin rebounded nicely after trading to a new 2018 low at $3,687, but BTC must surpass the $4,000 barrier for steady gains. Similarly Ethereum price also declined sharply and bounced back during trading session today and is now facing important hurdle. Legacy cryptocurrencies continue to show signs of bearish grip in market every now which has caused analysts and traders to draw mixed opinions. While few expect this decline to continue across Q1 2019, others believe that bulls will snap back at the beginning of next year over optimism anchored on hopes of increase in institutional investment hitting crypto market in hoards and possible approval and debut of bitcoin futures in NASDAQ.
Ethereum price seems to be moving towards double digits while testing the key support at $100. A major bear trend line is set at a resistance near $105 and if the selling pressure remains high, Ethereum will likely fall below $100 range today. The Ethereum price simply cannot free itself from its dicey situation as market saw various updates point out the weakness of the coin time and again painting a difficult picture for Ethereum’s future. Price is sinking but the Ethereum is brewing on the technology front which could serve as saving grace for the pair in long term. ETHUSD pair is currently trading at $100.17 down by 7.5% on the day.
This article was originally posted on FX Empire
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