Bitcoin has lost about 5% from the highest reached point on Sunday 9 December 2018 however, it is still about 8% higher from the new low of 2018 touched on December 7. The Cryptocurrency market managed a short term recovery but crypto are losing their enthusiasm amid doom and gloom sentiments.
Bitcoin's short-term picture
On the Intraday Chart, Btc/Usd dropped below and found support at $3,460 created by SMA 100 . This support is closely followed by $3,440, strengthened by the lower line of the above said Bollinger Band and SMA 50 . A sustainable move below will trigger new sell orders and push the price towards $3,300 with the recent low of $3,211 next in the line.
On the upside, we need to see a sustainable recovery above $3,605 . This development will reduce the immediate bearish pressure and allow the crypto crowd some breathing space.
The longer-term picture
Bobby Lee, the Co-founder of BTCC, says that it is not the first time, BitCoin lose about 90% of its value, if history is any guide. We shall see a strong recovery coming.