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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis: BTC Bullish, Bears Yet to Reverse Dec 2018 Gains

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price down 4.2 percent at the time of press
  • Jan Van Eck says Bitcoin investors liquidating to Gold
  • Transaction volumes low, bulls have a chance

Prices are down 4.2 percent in the last 24 hours but even so, Bitcoin bulls have a chance. A combination of fundamentals and supportive candlestick arrangement mean buyers can still recoup today’s losses and print new highs in days ahead.

Bitcoin Price Analysis

Fundamentals

It has been 11 years of unimaginable price movements, and at one time, Bitcoin changed hands at a whopping $20,000 a pop. However, that’s a distant memory. Instead what liters the crypto street is projections based on flimsy technical and fundamental events of the past.

On the one hand, fundamental traders bank on an improving and a robust ecosystem while naysayers have reason to believe that all these multi-million dollar projects will be in futility. All the same, Bitcoin prices continue to move haphazardly, and it has been exacerbated more by liquidity reduction partly because investors are backing off.

Consequently, asset prices are becoming increasingly unpredictable. Jan Van Eck, the CEO of VanEck Associate, after a survey, notes that Bitcoin investors are now ditching crypto for traditional, less volatile assets like Gold and fiat.

“Interestingly, we just polled 4,000 Bitcoin investors. Their No. 1 investment for 2019 is gold. So gold lost to Bitcoin [before], and now it’s going the other way.”

Candlestick Arrangements

Bitcoin

BTC prices are back to red, and after a solid week, the most valuable coin is down 4.2 percent at the time of writing. The drop began earlier on in the Asian session. What we have as a result are prices trending below the main support line at $3,500. As mentioned before, the line flashes with the 78.6 percent Fibonacci retracement level of Dec 2018 high low. There are two approaches to mitigate losses. First, conservatives can hedge against stable coins.

Meanwhile, aggressive traders can trade BTC derivatives at platforms as BitMex. It’s a protective measure because should today’s sellers be confirmed tomorrow, then we can see BTC dropping to $3,200. On a more optimistic approach, we may as well have a double-bottom today confirming gains of Dec 16.

Notice that, even though sellers may have been in control for the better part of the month, they are yet to reverse gains of mid-Dec to early Jan 42 days after rejecting higher highs. As such, bulls are in control from an effort versus result perspective.

Technical Indicators

Our previous BTC/USD trade plans are clear: bulls are in charge. However, before we recommend longs, prices must first surge above $3,800. That means the bear bar of Jan 20—20k is our anchor bar. It’s easy. Current averages stand at 12k.

For bulls to be in control, then we must see prices rallying above $3,800 recouping losses of Jan 20 with above average volumes. It will be perfect if these volumes print 35k (like Jan 10’s) or higher.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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