Technical Analysis and Outlook:
Bitcoin has completed a market rebound by producing medium strength Mean Res $20,800 with the continuous outcome mark at Outer Coin Rally of $22,200. The down path shows us a retracement to Mean Sup $20,300 and possibly all the way down to Mean Sup $19,300.
$SODE just recently announced they acquired BitPlaza Inc., the worlds first bitcoin shopping center in the App Store. This is major news for SODE. This strategically couples to company to bitcoin and other blockchain related news. This is great as BTC recently has made a bullish run. Most analyst and investors believe this bullish run is going to continue its...
Implications and Outlook
Even though the overall trading landscape is bleak, Bitcoin continues to be holding up nicely on top of the essential Mean Support $6220 price level; therefore a secular coin trend change isn't yet established by the most precious token. Having said that, a short-term reversal pattern did occur - dead-cat-bounce, giving 'Snipers'...
ETH broke down the lowest trendline I have drawn on December 8th. One more time it is a resistance line for ETH. If BTC bullrun ends soon, ETH will break out and continue its bullrun. On the other hand, if BTC continues to climb (and if you consider the CME, CBOE and TD Ameritrade BTC additions today, I would expect a huge BTC dump as we have experienced on CBOE...
