Technically, after the formation of pattern candles at 3,712 and 3,734 levels, has tested the strong support at $3,685.10 level to have bounced back above DMAs and shown stern rallies upto the recent peaks of $4,218 levels. So, the Christamas and New Year season went well so far.
But on the contrary, the pair has given up its festive mood after sustaining sometime above $4,000 marks, and tumbles from there as the occurrence at $4,153 level signals weakness, with the pioneer cryptocurrency losing approximately about $500 within the span of 2-3 days. The slumps now seem to be halted currently at $3685-$3700 region at the press time.
While both leading ( & curves) and lagging (SMAs & ) indicators still bias to substantiate further downswings.
Overall, the aggregate market cap of entire cryptocurrency space is stood at US$120 billion. The mid of Q4’2018 has been a vicious drop in all cryptocurrencies, but with the dominance, which is perceived a pioneer in the space could be used as a market wide confidence index, held steadily at around 50% during that time.
For now, the puzzling question is that – can the bulls bounce back on the same strong support level?
We reckon that, any near time in future, with SEC’s meticulous regulation in 2019, unlikely to fetch return to >80% market cap dominance as the ICOs for other cryptos are persistently swollen in the ecosphere.
Hence, we could foresee near-term risks for , only if it holds decisively $3,685 levels. It is wise to fetch a confirmation from both momentum ( and curves) and deploy fresh longs. Otherwise, one can look in for alternative arbitrage trading opportunities as shown below: ( at Bitfinex and at Bittrex)
Please be noted that the pricing against dollar at the same two different exchanges, at Bitfinex and at Bittrex. There exists a disparity in their respective prices $3,726.40 at Bitfinex and $3,625.34 at Bittrex. Thereby, buying on the Bittrex exchange with USD and transferring the and converting it back into USD on Bitfinex likely to derive a profit almost upto 3%.
Currency Strength Index: FxWirePro’s hourly -55 ( ), hourly USD spot index is inching towards -22 levels (which is mildly ), while articulating (at 07:29 ).
Published at Fri, 11 Jan 2019 07:45:17 +0000
