Bitcoin (BTC-USD) has been in a correction since late June. Prices below US$8,000 have been anticipated and are now reality. So far, the fourth quarter has not (yet) brought any larger recovery. Instead the downtrend is still intact. However, it seems that the correction is in its final stage and Bitcoin's remaining downside risk is rather small compared to the upside potential.

In the big picture Bitcoin is still stuck in a bear market since December 17th, 2017. The strong rebound in spring topped out at US$13,887 on June 26th, 2019, and reached the 61.8% fibonacci retracement of the previous wave down from US$20,000 to US$3,200.

As expected, since this year's high point the prices for Bitcoin have dropped significantly over last five months. In the last four weeks, Bitcoin prices have not been able to break free from the downtrend channel, which has been intact since the end of June. Rather, prices plunged significantly lower into the early-mentioned buying zone between US$6,200 and US$8,200. With the new low at US$6,515, all low-points in recent months have been clearly undercut. Therefore, the medium-term downtrend is still intact.

Nevertheless, there has been a bounce in the last 12 days, which has led to a price increase of just around US$1,400 (up 21.5%) to US$7,865. So far however, the bulls have not been able to defend these price gains and Bitcoin is currently trading around the middle trend line within its downtrend channel around US$7,300 and US$7,400.

Source: Tradingview

On the weekly chart, the current downtrend oha forced prices below the uptrend channel established since the beginning of February. At the same time, prices have been approaching the even more important uptrend line which had been established since autumn 2015. Basically, this trend line represents the quantum leap from three-digit to five-digit Bitcoin prices. Ideally, this trend line should hold!

However, the move below the 61.8% Fibonacci retracements at US$7,231 has already activated the next lower 78.6% retracement at US$5,424. Also below the four-year uptrend line sits the next support zone between US$5,700 and US$6,200.

On the other hand, the stochastic oscillator is oversold and has not confirmed the recent lower low which indicates a first sign of positive divergence and a potential trend-change.

Overall, the correction on the weekly chart already seems to be well advanced. The bears are face a very strong cluster of supports. The turnaround is therefore within reach, but could be delayed one more time with a final price slide below the psychological number of US$6,000. In any case, prices below US$7,500 offer a good medium and long term opportunity as the risk/reward ratio becomes more and more favorable. Contrarian investors are therefore in accumulation mode, because Bitcoin has reached a promising buying zone.

Source: Tradingview

On the daily chart, Bitcoin currently trades around the middle trend line of the larger downtrend channel which is in place since the end of June. Despite the rapid recovery in the last week of November, a turnaround can not be confirmed yet. The long wick of the daily candle on November 25th however looks potentially like a trend reversal!

Another test of the important 4-year uptrendline as well as those recent lows in the range of US$6,500 to US$6,800 US dollars would be conceivable within the next few weeks. Should the uptrendline hold there (ideally with a slightly higher low than in November), a very important piece of the puzzle would be in place. Alternatively, there will be a final sell-off that might take advantage of the full downtrend channel and could push prices below US$6,000.

In summary, the daily chart is neutral. The chance for a successful double low in the range of US$6,500- US$6,800 is undeniable but not yet confirmed. On the other hand, if the four-year uptrend line does not hold, Bitcoin should at least test the support zone between US$5,700 and US$6,200.

Source: Barchart

The Bitcoin Future started trading on December 17th, 2017. Back then, it was already clear that this introduction of Bitcoin Futures would pierce the Bitcoin bubble (the first bubble after the financial crisis of 2008). Now, Christopher Giancarlo, former chairman of the US Commodity Futures Trading Commission (CFTC), has confirmed this in an interview.

Nevertheless, the CoT report published on Friday evenings provides a good overview of the positioning and is always helpful in analyzing the Bitcoin market. This time around, the CoT report was released in the current week due to the Thanksgiving holiday.

All in all, over the course of the last five-month the correction led to significant shifts in the derivatives market. Above all, however, the open interest has fallen significantly, indicating overall falling activity. Interestingly, however, is the behavior of the so-called "Other Reportables", which were able to successfully play the movements in Bitcoin with a contrarian approach. The group "Other Reportables" is not listed individually in the normal cot report and represents all reportable traders who can not be assigned to one of the three groups of producers, swap dealers or money managers.

The "Other Reportables" have reversed their short position from 1,500 to almost 250 long contracts in the last five months. Obviously, the low point at US$6,515 was not yet low enough for them to ramp up their long position to similar levels like in end of march (back around 500 contracts). From this we could concluded that Bitcoin still further need for correction and that the support zone around US$ 6,000 US dollar might have to fall too. In that case however, the weak hands would finally throw in the towel, while at the same time the group of "Other Reportables" could then expand their long position easily to over 500 contracts.

Overall, the analysis of the current CoT report provides a rather neutral signal. Although the setup has improved significantly in the last two months, the successful players have not yet moved sustainably to the long side.

Bitcoin Optix as of December 5th, 2019. Source: Sentimentrader

Crypto Fear & Greed Index as of December 5th, 2019. Source: Crypto Fear & Greed Index

Crypto Fear & Greed Index as of December 5th, 2019. Source: Crypto Fear & Greed Index

Parallel to the falling Bitcoin prices, the mood among crypto investors has also slipped further and further into the basement. While Sentimentrader's Bitcoin Optix currently only identifies a slightly exaggerated pessimism, the much more substantiated "Fear & Greed Index" has recently reached level of deep panic and fear. The all-time low for this indicator was seen in August and almost exactly a year ago at slightly below 10. The capitulation phase in the cryptosector could therefore still become a bit more painful.

In summary, there is already a high level of anxiety. From a contrarian point of view, this is a buy signal. Once the "Fear & Greed Index" falls to values between 8 and 15, the bottom and thus the turnaround is likely to be reached.

Source: Seasonax

Based on the evaluation of the last nine years, Bitcoin has developed a fairly clear seasonal pattern. Statistically, the 4th quarter is generally slightly positive. However in this year Bitcoin has not shown any strength in the 4th quarter so far as BTC-USD is trading around US$500 lower than in early/mid-October. Nevertheless, the seasonal component is slightly bullish until early January.

Source: XE

Currently, one Bitcoin costs 5.07 ounces of gold. In other words, you have to pay 0,2 Bitcoin for an ounce of gold! Overall, gold has appreciated almost 39% against Bitcoin over the past four months! In the big picture, Bitcoin has been in a downtrend against gold since December 2017. If the Bitcoin/Gold-ratio also falls below the support of 5 ounces per Bitcoin, the lows from about one year ago should likely be targeted, meaning 3 to 3.5 ounces per Bitcoin.

Generally, one should be invested in both asset classes. The recommended allocation in precious metals (primarily physical) should be at least 10% and a maximum of 25% of ones total assets. In cryptos and especially in Bitcoin investors should hold at least 1% and a maximum of 5%. If you are very familiar with crypto currencies and Bitcoin, you can individually allocate higher percentages in Bitcoin. For the normal investor, who of course is invested mainly in equities and real estate, holding 5% in the highly speculative and highly volatile Bitcoin is already quite a lot!

Bitcoins correction has been going on since the end of June and still does not seem to be over. Both, the futures market as well as sentiment indicate that it will take another low near or even below US$6,500.

At the same time, however, in the larger picture the opportunities clearly outweigh any concern. Bitcoin has retreated textbook like into our defined buy zone and now provides a contrarian buying opportunity. Anyone who has been patiently waiting for these low prices with staggered buy orders should now be invested at least 50%. Ideally, you still keep some powder dry in case Bitcoin overdoes it on the downside and temporarily undercuts all support. The probability for this is at maximum just 25%. Logically, a second leg in the range around US$6,500 to US$6,800 and then the turnaround is more likely. In any case significantly higher prices until early summer 2020 are to be expected.

Overall, Bitcoin has a remaining risk on the downside to US$5,000, while on the upside, the resistance zone between US$12,500 and US$13,800 is the measure of all things. If Bitcoin can sustainably move above this resistance zone next year, new all-time highs are only a matter of time. Prices below US$5,000 on the other hand, give rise to legitimate doubts as to whether Bitcoin will prevail at all.

Disclosure: I am/we are long BTC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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Bitcoin - Correction Soon To Be Over - Seeking Alpha

Bitcoin is heading towards the $100,000 mark, according to veteran commodity trader Peter Brandt, who shared his analysis in a new video clip. However, there is a scenario in which the oldest cryptocurrency turns bearish in the near-term.

According to Brandt, Bitcoin is still moving within its historic bull trend, which has seen consecutive higher highs and higher lows.

While he believes that the cryptocurrency will stick to the bullish narrative in the coming years until it breaks $100,000, there are two main scenarios to expect before that happens. Unsurprisingly, one is bearish and the other is bullish.

The price is currently at a crossroad zone and might go for one of the scenarios soon. Right now, it is trading very close to the lower boundary of a multi-year channel. If the price action decides to continue correcting, then we might see Bitcoin bottoming out at $5,324 by July 2020.

The potential low is based on previous patterns, according to which Bitcoin has violated parabolic moves four times since 2011. Every downturn came with an 80%-plus correction and lasted 12 months from the peak to the low, according to Brandts analysis.

Accordingly, the current correction will likely find strong support at $5,324 by this summer if Bitcoin takes the bearish route. This is because the recent high was reached in June, when the cryptocurrency rallied to over $13,000. Up until then, its anticipated that many crypto bulls will capitulate.

This potential correction could likely scare even the most devoted Bitcoin maximalists and hodlers, Brandt says, citing his multi-year trading experience in other commodity markets. In fact, he believes that 90% of bulls who are active on social media will start capitulating sooner or later.

In the best-case scenario, the BTC price doesnt break the lower boundary of the multi-year channel and bounces back to new highs. In fact, Brandt asserts that the new peaks could come as early as next year.

Interestingly, many Bitcoin bulls expect the price to update the all-time high on the upcoming halving event, which is scheduled for the first half of 2020. This scenario is further supported by PlanBs popular stock-to-flow model.

Which path do you think Bitcoin will go? Share your thoughts in the comments section!

Images via Shutterstock, bitcoin.live (Peter Brandt)

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Bitcoin Road to $100K: Peter Brandt Explains the When and How - Bitcoinist

While Bitcoin and the wider cryptocurrency market have flailed over the last couple of months, with BTC tumbling from $14,000 to $7,000, celebrities have maintained their interest in the industry.

Ashton Kutcher, a renowned actor known for his roles in media like Two and a Half Men and Jobs, recently took to Twitter to briefly laud a Bitcoin startup.

This wasnt even solicited, making the fun move that much more notable.

On Sunday, Jeff Moris Jr., a Director of Product & Growth at Lambda School and a former Tinder team lead, revealed the three most promising crypto and digital asset startups in his opinions.

He named Brave, the cryptocurrency-centric and privacy-preserving internet browser integrated with Basic Attention Token; Lolli, an online shopping rewards startup that gives shoppers Bitcoin rewards for spending money online; and Rally Rd, a digital asset-centric platform that makes investments of the rich, now available to all.

This was notable in and of itself, for Morris is a noted entrepreneur in Silicon Valley circles.

Though what made this tweet even more notable is that Ashton Kutcher, who sports a not-too-shabby 17 million followers on Twitter, responded by lauding Lolli, which has recently secured partnerships with companies like Priceline and Expedia. It isnt clear if this implies Kutcher is using Lolli to stack satoshis or is looking to invest in the Bitcoin-centric company, or maybe both.

An important aside: Honey, a company whose business model is similar to Lolli in that they both provide rewards for online shopping, was just acquired by PayPal for a jaw-dropping $4 billion.

Kutchers decision to thumbs up Lolli is far from the first time hes dabbled in cryptocurrency.

The noted technology investor in the middle of 2018 donated $4 million to Ellen DeGeneres Wildlife Fund. Whats weird was that the funds came in the form of the XRP and that Kutcher took to Ellens show to explain Ripple Labs, the fintech company closely affiliated with the altcoin. Trying to explain Ripple to an audience of millions, Kutcher said:

Ripple is basically a platform to allow people to transfer money from bank account to bank account, person to person, really securely, really simply, really quickly.

Sound Ventures, a venture capital fund run in part by Kutcher, notably has a stake in Ripple, implying that the scheme to donate a jaw-dropping sum of money was both a charitable venture and a way to promote the products of Ripple and the viability of XRP.

The venture fund also has stakes in companies like Bison Trails, a little-known blockchain infrastructure-as-a-service provider that burst into the public spotlight after it was revealed that it will be running a node for Facebooks Libra project, should it launch that is.

Kutcher is far from the only celebrity to have started to dabble in Bitcoin as of late. In October, Bitcoin2020, an industry conference taking place early next year, revealed that it has signed Tony Hawk as a speaker. Hawks skateboarding days may be mostly behind him, yet the individual remains a key figure in the public spotlight.

It isnt clear what Hawk will be talking about, though Hawk earlier this year wrote that hes been riding the Bitcoin ramp for six years, adding that hes yet to cash out of his cryptocurrency holdings.

Theres also Bruce Willis a prominent actor featured in movies like Die Hard, Unbreakable, and Looper was recently reported by long-time Bitcoin proponent Bobby Lee to have been taught the good word of Bitcoin, by Lee himself no less. Whether or not Willis is in the Bitcoin industry is up for debate, as it might have been that the action movie star wasnt willing to hear Lee wax poetic about cryptocurrencies, then his companys hardware wallet. Though,

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Ashton Kutcher Throws Weight Behind Bitcoin Startup Lolli on Twitter - Blockonomi

In the last 24 Hours, the selling pressure dove Bitcoin (-1.73%) to its former bottoming area. The cryptocurrency sector continues mostly in the red, although with modest drops in the vicinity of 1 percent. Also, Ethereum (-0.95%), Ripple (-0.79%), Litecoin (-1.52%), and others are creating bottoming figures. The Ethereum token sector, although with lots of red-tinted tokens, there are large movers as well, such as S4F (+29.8%), CND (+19.3%) and DGD (+15.26%).

Fig 1 -24H Crypto Sector Heat Map

The market capitalization of the sector dropped to $197,01 billion (-1.85%) on a traded volume of $22.134 billion (-8.33%) in the last 24 hours. The dominance of the Bitcoin descended slightly to $66.37%.

Fig 2 - 24H Crypto Market Cap with Traded Volume

SEC President Jay Clayton testified before the Senate Committee on several issues, among which were blockchain technology and cryptocurrencies.

"I am optimistic that developments in distributed ledger technology can help facilitate capital formation, providing promising investment opportunities for both institutional and Main Street investors" -Jay Clayton.

Clayton also mentioned that the Commission had amended the existing rules to update the regulations on ETFs. He said that this action will ease "greater competition and innovation in the ETF marketplace" and would facilitate to comply with the standard conditions to come to market quicker.

Over 80 banks will become part of JPMorgan's blockchain-based Interbank Information Network, according to a recent piece of news. The IIN has been created to share financial information among its members. Another use IIN has is to make possible instant remittance transfers.

Ripple's Spring launched a platform for XRP payments integration. The Xpring.io service is a revamped version of the Xpring SDK launched in October. The new version supports two new programming languages: Python and Go.

That will be the central hub for developers to manage everything they need when it comes to integrating payments into their apps, - Ethan Beard, Xpring's senior vice president.

Bitcoin

Chart 1 - Bitcoin 4H Chart

In the last 24 hours, Bitcoin is creating a series of small-bodied candles on top of a support area with $7.160 as its key level. The MACD seems to start curving to the upside, while the price still moves below its -1SD line, and also below its 50 and 200 SMA. The price still has a bearish bias, but we need to see if this support holds and attract new buyers to push the price upwards.

Chart 2 Bitcoin-longs weekly Chart

On the BTC-longs chart, we can see that the BTC long-interest is at its yearly peak, even near its historical maximum, at the same time BTC price stalls. This is an evident accumulation of the coins released by the weak hands.

Chart 3 - Ripple 4H Chart

Ripple's 0.22 support has held the price and created a Moring Star Formation that currently is partially faded. MACD histogram is moving towards the zero-line and curving up, while XRP's price moves sideways and close to its -1SD line. Although the bias is slightly negative, we see the potential for a reversal. The levels to keep are 0.22 and 0.2245.

Chart 4 - Ethereum 4H Chart

Ethereum $144 support held yesterday's drops and made a reversal figure, although the followup is not great. The price is still moving below its -1SD line, and the MACD shows the downside momentum is fading. We should keep an eye in the $144 and $147.2 levels, and also in the volume.

Chart 5 - Litecoin 4H Chart

Litecoin bounced off of its $44 support and is making a mild correction that started yesterday when it made a Morning Star formation. The MACD is close to making a bullish crossover; at the same time, the price moves towards its Bollinger mean line. The bias is still negative, although it can turn bullish if the price closes above $44.8 on good volume.

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Bitcoin, cryptocurrencies trying to create a bottom - FXStreet

Bitcoin price is trading with a bearish bias below $7,500 against the US Dollar. BTC could start a strong decline if it breaks the $7,030 support area in the near term.

This past week, bitcoin price made many attempts to clear the $7,600 resistance area against the US Dollar. However, BTC failed to continue above $7,600 and started a fresh decrease below $7,500.

Moreover, there was a break below the $7,450 support area and the 55 simple moving average (4-hours). The bears gained pace and the price traded below the $7,300 level.

The recent low is near $7,150 and the price is currently consolidating losses. An immediate resistance is near the $7,270 level. Besides, the 23.6% Fib retracement level of the recent decline from the $7,651 high to $7,150 low is also near $7,268.

The first key resistance is near the $7,400 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the recent decline from the $7,651 high to $7,150 low is at $7,400.

More importantly, there is a crucial contracting triangle forming with resistance near $7,430 on the 4-hours chart of the BTC/USD pair. Therefore, bitcoin price is clearly facing a lot of hurdles on the upside, starting with $7,270 and up to $7,430.

The main resistance is still near the $7,600 level, above which the price is likely to test the $8,000 resistance area. An intermediate resistance is near the $7,870 level.

On the downside, the triangle support is near $7,200. If there is a daily close below $7,200, the price could accelerate lower towards the $6,840 support area. The next major support is near the $6,515 level.

Bitcoin Price

Looking at the chart, bitcoin price is currently at a risk of a downside break below the $7,200 and $7,030 support levels. If the bulls fail to push the price above $7,400, the bears are likely to aim $6,840 or $6,515 in the near term.

4 hour MACD The MACD is currently gaining momentum in the bearish zone.

4 hour RSI (Relative Strength Index) The RSI is currently well below the 40 level, with a bearish angle.

Key Support Levels $7,040 and $6,840.

Key Resistance Levels $7,270, $7,400 and $7,430.

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Bitcoin Price Analysis: BTC Breakdown On The Cards - Live Bitcoin News

The mining ecosystem recently welcomed a new miner to the fold, as Nourpool mined its first Bitcoin SV block on December 7, 2019. To learn how this mining pool came together and why they chose BSV, we reached out to them to learn more about the men behind the effort and the plans they have for the future.

Nourpool was conceived last August by Alan Fu, a former Microsoft data scientist, along with two friends whove been involved in Bitcoin mining since 2013 and shared the same ideals. We all share the same belief that on-chain scaling is the only way for Bitcoin to grow, and we decided to run our own pool to participate in this important journey of Bitcoin, Fu told us, noting that the idea to build the pool was conceived during one of the groups regular meetups.

They decided on the Nourpool name based on a cryptic message consisting only of nour from one of Satoshis original accounts on the global network P2P Foundation forum. We interpret this word as light in Arabian, as Bitcoin SV has brought light to the long-dark-and-suffocating world of Bitcoin, Fu said. We like Nour and put it into our name, as Nourpool literally means pool of light.

They didnt decide on mining BSV simply due to a survey of talking points; plenty of work went into the decision. Fu explained the decision making process:

Since 2017 we have been doing detailed studies over the mechanisms of all the major cryptocurrencies and concluded that miners on all coins are either fed by a short-lived subsidy that has been grossly overvalued, or living off transaction fees that have been severely capped by scaling issues of the underlying platform, or both. Bitcoin SV however, with its to-be-removed block cap and elegant UTXO design, allows massive on-chain scaling. Combining real scaling capability with a stable base-layer protocol, we think there will be an exponential growth in the on-chain activities on BSV, presenting an enticing fee market for us miners.

Nourpool hasnt met much difficultytechnical wisesince mining that initial block on December 7. In the first two days of operation, they mined a total of 11 BSV blocks. But the future will have some issues to solve, Fu thinks. The difficulty lies ahead as we need to prepare for rising transaction volume. There will be an iterative process of we discovering and resolving one bottleneck after another. Fu also mentioned some challenges on the financial side of mining BSV: As much as we believe that the market acceptance of BSV will surely improve over time, reality is that currently there are fewer derivatives and worse depth/liquidity for BSV market comparing to that of the Segwit coin, rendering fewer mining strategies available to us, he shared.

All the same, the Nourpool team is gearing up for growth and will provide more for the greater community. We will be expanding our own hash power in the next 6 months, and we also seek to connect our pool with more BSV miners, Fu told us. The goal is to surpass the 10% mark by halving next year. In the coming months we will also release a set of new services for both miners and application developers, please stay tuned.

To receive the latest CoinGeek.com news, special discounts on CoinGeek Conferences and other inside information direct to your inbox, please sign up for our mailing list.

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Nourpool believes in the light of Bitcoin SV - CoinGeek

After incurring a significant influx of volatility earlier this week, Bitcoin (BTC) has been able to gain some tempered upwards momentum as its buyers attempt to push it up towards its near-term resistance that exists at $7,800.

This momentum comes about as buyers grow aggressive at BTCs near-term support levels, which one analyst believes is a bullish sign that signals it may see further upside in the near-term.

At the time of writing, Bitcoin is trading up marginally at its current price of $7,630, which marks a notable climb from its recent lows of just over $7,200 that were set early this past week just prior to its rapid surge up to $7,800 where it met significant resistance that led it to plummet lower.

This movement confirmed $7,800 as a strong level of resistance for the cryptocurrency, but its recent climb up towards this level likely signals that it will soon test this resistance.

Assuming that Bitcoin does break above the resistance it faces at this price region, it will likely also face some further selling pressure at $8,000, with a break above this level opening the gates for significantly further upside.

Cantering Clark, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that it is imperative for BTC to hold above its near-term support level at roughly $7,400 in order for it to see further near-term gains.

Holding here is going to be pretty important. Otherwise it has the potential to just be a LH and bulls can get back to the pre-amnesia state of realizing and accepting HTF market structure breaks are often retested, he noted while pointing to the chart seen below.

One interesting trend that investors should be aware of is the fact that buyers at BTCs near-term support levels are growing incredibly strong.

Cantering Clark also spoke about this, noting that the rapid increase in buy orders at Bitcoins near-term support levels signals that buyers feel a sense of urgency to defend these levels.

What is interesting is the amount of initiative aggressive buyers we have that step in lately right at support, not just passive. Plenty of imbalances right at support. Almost like buyers feel a real sense of urgency, he explained.

It will likely soon grow clear as to whether or not this bourgeoning buying pressure will be enough to send BTC surging past the resistance that lies directly above it.

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Bitcoin Buyers Grow Aggressive; is a Rally Around the Corner? - newsBTC

In the last 24 hours, cryptocurrencies were rejected after trying to overcome their resistance levels. Most of the crypto sector is in the red. Bitcoin drops 1.9%, Ethereum -2.1% , Ripple -3.17% and Litecoin -1.84%. Tezos (-7.16%), ALGO (-9.78%), Vechain (-12%), and notably, MATIC (-70%) were among the most harmed. In the Ethereum token sector, there is a majority of assets underwater, although there are notable exceptions such as Link (+8.7%), Jewel (+14.5%), or MovieBloc (+48%).

The current market cap descended 2.45% to $200.4 billion on a $25.1 billion traded volume in the last 24H (+37.67%). Meanwhile, Bitcoin dominance keeps at 66.62%.

The price of MATIC drops 70% in an hour after climbing 200% in two weeks after rumors of the company liquidated over 1,495 billion coins at #Binance.

Swiss finTech Amun AG, which now is offering crypto ETPs (Exchange-traded products) in Switzerland and Germany, is now approved to provide them within the European Union. Amun offers currently mine crypto ETPs, among which are BTC-ETP, Ether-ETP, and XRP-ETP.

Bitcoin dropped hard on high volume yesterday, after a spike that brought its price to $7,689 to, then, fall below the $7,416 support and break the triangular formation. The inability to hold above $7,580 brought new sellers eager to take the lot of buyers with buy-stop orders above that level.

Currently, the price is holding above $7,300, but this won't hold for long if the weakness continues. Now we see the MACD in a bearish phase and the price below the -1SD line. Therefore, the critical level to watch is $7,300.

Ripple is making a leg down, after being rejected yesterday by the resistance set by its previous high of Nov 30. Now we see the MACD in a bearish phase and the price moving below the -1SD line. We see also the price held by its 50-period SMA, but the weakness is evident, as there are no convincing upward movements.

Ethereum was affected by the Bitcoin drop, as was the rest of the sector, but the drop seems unconvincing so far. The price is held but the $146.5 support, and it is making a series of small- bodied candles that are symptoms of indecision on the seller's camp. The MACD is in a bearish phase, although showing no progression. Also, the price is currently touching the -1SD line of the Bollinger Bands, although the bands move horizontally. That means the price also moves in a horizontal range. The critical levels to keep an eye on are $145.6 and $149.

Litecoin made a very similar movement, as Ethereum did. The price dropped at the time of the bitcoin's spike and crossed the $45.15 level to touch the 44.3 support that was at the lows made on Dec 5. Now we see the price losing volatility and making two doji. The price seems to stabilize below the -1SD line while the MACD shifted to a bearish phase. That situation is likely to resolve to the downside if no new buyers come to rescue. The critical levels to keep are $45.15 to for buyers and $44.3 for sellers.

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Bitcoin and crypto Bears Back on MATIC 70% drop - FXStreet