Quick analysis of the XBTEUR market. Still bullish crypto markets - the whole market capitalisation declined from it´s all time high $ 115 bn in June to around $ 72 bn today. I think this is a healhty trend, because all cryptos gained so much value over a very short period of time, that it is absolutly neccessary that there is a consolidation in the market. My long term expectations on cryptos are very bullish, despite the current bear trend.
As you see in the graph above Bitcoin price declined under 2000 € in the last days and the trend seems quite negative. For sure, there is a lot of uncertainty in the markets due to the SegWit discussion at the moment. I marked a few major resistance/support areas in the graph. I expect that the XBT price will continue to fall within the next days to an area between 1500 and 1600 €.
I would recommend to withdraw Bitcoin from all the exchanges and store them on a hot wallet or on a Nano S until the SegWit drama is solved in 2 weeks.
A hedge into other coins like Ethereum also would make sense to me.
all the best for investors and traders!
cheers.
