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07.12.202107:52 Forex-elemzések és áttekintések: BTC to reach new record high in 2021?

Ezeket az információkat marketingkommunikációnk részeként küldjük el lakossági és professzionális ügyfeleink számára. Nem tartalmaznak és nem tekintendők befektetési tanácsnak vagy javaslatnak, sem bármilyen pénzügyi instrumentummal való tranzakcióra vagy kereskedési stratégia használatára irányuló ajánlatnak vagy felkérésnek. A korábbi teljesítmény nem garantálja vagy jósolja meg a jövőbenit. Az Instant Trading EU Ltd. nem képviseli vagy garantálja a szolgáltatott információk pontosságát vagy teljességét, illetve nem felelős bármely, az elemzéseken, előrejelzéseken vagy a Vállalat munkatársa által adott információkon alapuló befektetések esetleges veszteségéért. A teljes felelősségkizárás itt található.

Bitcoin's correctional movement spiral out of control and the main cryptocurrency dropped by more than 30% from its all-time high. The price affected the wave structure and crossed the highest level of the previous wave. Thus, BTC will hardly show a strong bullish rally in the near future. Panic has swept across the market. The main question is whether BTC is able to resume rising or we will see a crypto winter.

To find out the answer, let us take a look at the trading charts. On the daily chart, we see that before a decline, the Head and Shoulders and Bearish Engulfing technical patterns were formed. After the formation of the Bearish Engulfing pattern, the green candlestick turned out to be extremely weak and failed to cover at least a half of the red candlestick. This pointed to low activity among buyers and a further drop in bullish positions. As a result, bitcoin tried to break the resistance level, but it slumped amid bearish positions and news flow. The price declined to $42.5K. After that, buyers began pushing the price higher (a long lower shadow). That is why there are several scenarios.

Exchange Rates 07.12.2021 analysis

Let us find out the key reasons for such a significant slump. First of all, there is divergence between markets and sluggish on-chain activity. While in the options market, demand was approaching the local highs, demand in the futures market remained at the levels logged in the middle of November. In addition, BTC on-chain activity was not rising during consolidation. This happens only amid bullish sentiment. This, in turn, resulted in divergence that signaled a drop. At the same time, big market players started transferring coins to exchanges, exerting additional pressure on the price. At the same time, the BTC market was experiencing an increase in the number of long positions that was caused by high speculative activity. All these factors indirectly confirmed the probability of a big collapse, as the cryptocurrency looked overbought. The main reason for the tumble in bitcoin was the news about the bankruptcy of the Chinese developer Evergrande. Since the cryptocurrency market was one of the few that worked on Saturday, when the company announced the default, investors began to withdraw funds from digital assets in order to transfer them to safer financial instruments on Monday. As a result, bitcoin nosedived to $42.5K and dragged the altcoin market, which also hit local lows.

Exchange Rates 07.12.2021 analysis

It is highly possible that bitcoin will decrease to the range between $40K and $50K. The fact is that the shadow of the big red candlestick covers more than 50% of the candlestick's body. It is a clear sign that the price may once again test this area. Bitcoin has formed a strong support level at $48.1K. Notably, during the last two days, the price tested this level three times. According to the rules of trading, the more often a price tests a particular level, the more likely it will break it. In the next two days, the price may hit $40K-$45K.

Exchange Rates 07.12.2021 analysis

There are no visible prerequisites for a rise. The crypto market is likely to remain stable until December 8, when a Congressional hearing on digital assets will take place. The result of the summit may determine the future of the whole industry. After December 8, it will become clear whether the market sentiment remains bearish or crypto assets could reach new highs this year.

Artem Petrenko
Analytical expert of InstaForex
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