Jump to content

Bitcoin under pressure around $46,000 amid risk-off tone


Recommended Posts

image.png

By Samuel Indyk & David Pichodo, 20th December 2021.

Investing.com – The price of Bitcoin was around $46,000 on Monday morning as the world’s largest cryptocurrency struggled for upside momentum amid a broad risk-off tone. Stock markets in Europe and US stock futures were trading lower as the spread of the Omicron variant threatens the recovery with some European countries announcing new lockdown measures and further restrictions set to continue.

Most of the other major cryptocurrencies were also trading lower with Decentralised Finance (DeFi) coins such as Ethereum, Cardano, and Solana down between 3.5% and 7.0% in the last 24 hours.

Only two of the top 10 cryptocurrencies by market cap were trading higher, XRP and Terra.

Terra is now the ninth-largest cryptocurrency after a 30% surge in the latest week.

Bitcoin technical analysis

Bitcoin dropped below its 200-day moving average around $47,100 towards the end of last week.

On the daily chart, the 50-day moving average ($56,200) is now approaching the 100-day moving average ($54,500). When a shorter term moving average drops below a longer term moving average it is known as a ‘death cross’ and technical analysts often use this as a bearish signal.

On the downside, the 4th December low near $42,000 and the psychological $40,000 level could be the next support levels to watch out for.

On the upside, a return above the 200-day moving average would be seen as a positive signal but only return above $50,000 would significantly improve Bitcoin’s chart profile on a daily basis.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,217
    • Total Posts
      90,793
    • Total Members
      41,326
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Katee13
    Joined 01/02/23 20:28
  • Posts

    • The stock market is moving higher as expected, with the SP500, NASDAQ 100, Russell 2000, and Dow Jones showing an impulse wave structure moving higher, with Elliott Wave (iii) of iii) of 3. Strategies should focus on protecting long trades. Content: SP500 - NASDAQ 100 - RUSSELL 2000 - DOW JONES Summary  Impulse wave structure moving higher Elliott Wave (iii) of iii) of 3 Strategies  Protecting long trades Video Chapters 00:00 S&P500  16:35 NASDAQ 100 (NDX) 17:33 Russell 2000 (RUT) 18:07 Dow Jones (DJI) 19:53 TRIAL Buy 1 Month Get 3 Months Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com    
    • Name Of Stock -  Novo Integrated Sciences Inc Name of Stock Exchange - NASDAQCm Leverage or share dealing - Share dealing Ticker - NVOS Market cap - £7.5M 
    • Look Ahead to 02/02/23: ECB, BoE; BT, SHEL, GOOGL, AAPL, AMZN earnings A day after the Fed, the European Central Bank and the Bank of England are expected to raise interest rates. Watch out for live coverage from IG’s Chris Beauchamp and Axel Rudolph. Plus, tech, telco and oil earnings dominate, with reports from BT (BT), Shell (SHEL), Infineon (IFXGn), Apple (AAPL), and Amazon (AMZN).            
×
×
  • Create New...