Hey everyone!
The extreme volatility seen within the cryptocurrency markets requires that traders and investors stay informed at all times about the latest technical and fundamental developments, which is why PrimeXBT offers daily updates.
Fundamental Daily Forecast :
The Bloomberg Galaxy Crypto Index (BGCI), which was created by Bloomberg in cooperation with Mike Novogratz-helmed Galaxy Digital, is showing a buy signal for the first time this December.
At least six crypto Youtube channels have reported in recent hours that their content is being removed under the site’s “harmful and dangerous” policy, with one popular channel claiming Youtube pointed to a “sale of regulated goods.”
With all the buzz, many in the space are suggesting users migrate their content to less centralized, more censorship-resistant social media platforms. Possible alternatives being pointed to include Dtube, Steemit, Bitchute, Bittube, DLive, and Flote.
Technical Analysis :
Yesterday, there were two attempts to break above the $7,700 resistance, but bears succeeded in defending against the further upside. As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,500 level. A break above this level is required for a strong upward move towards the main $7,700 resistance level.
On the downside, a break below the $7,200 level could start a sharp decline towards a $6,600 support level.
Meanwhile, the price action combined with the Relative Strength Index (RSI) has formed a bullish divergence near the support line of BTC's rising channel, which indicates a buy signal.
Share your thoughts about the current market situation below!
Keep an eye out for more PrimeXBT trading signals for BTCUSD and other assets.
The extreme volatility seen within the cryptocurrency markets requires that traders and investors stay informed at all times about the latest technical and fundamental developments, which is why PrimeXBT offers daily updates.
Fundamental Daily Forecast :
The Bloomberg Galaxy Crypto Index (BGCI), which was created by Bloomberg in cooperation with Mike Novogratz-helmed Galaxy Digital, is showing a buy signal for the first time this December.
At least six crypto Youtube channels have reported in recent hours that their content is being removed under the site’s “harmful and dangerous” policy, with one popular channel claiming Youtube pointed to a “sale of regulated goods.”
With all the buzz, many in the space are suggesting users migrate their content to less centralized, more censorship-resistant social media platforms. Possible alternatives being pointed to include Dtube, Steemit, Bitchute, Bittube, DLive, and Flote.
Technical Analysis :
Yesterday, there were two attempts to break above the $7,700 resistance, but bears succeeded in defending against the further upside. As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,500 level. A break above this level is required for a strong upward move towards the main $7,700 resistance level.
On the downside, a break below the $7,200 level could start a sharp decline towards a $6,600 support level.
Meanwhile, the price action combined with the Relative Strength Index (RSI) has formed a bullish divergence near the support line of BTC's rising channel, which indicates a buy signal.
- Resistance Levels: $7500, $7700, $7850
- Support levels: $7200, $7000, $6800, $6600
- Market Cap: $132 492 972 265 USD
- Volume (24h): $24 772 136 243 USD
- Circulating Supply: 18 119 862 BTC
Share your thoughts about the current market situation below!
Keep an eye out for more PrimeXBT trading signals for BTCUSD and other assets.
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