The market value of BTC fell below $60 billion, and bitcoin was declared dead at N time. Is there a return to death

Bitcoin prices continued to fall, creating a new low of $3368 in 2018. Technical indicators show that the price of BTC has lower space, could fall below $3000. Bitcoin support: $3405, $3263, $3154, $3083, $3000, $2885, $2482, $2356. Bitcoin resistance: $3600, $3701, $3906, $4000, $4100. Since the market in 2018 years 11 months in mid long term support fell to $6000, after a month of falling again below the price of $4000.

Bitcoin market (as well as other encryption currency market) the problem still exists, because bitcoin today further plummeted, reached a new low of $3368 (data from Bitfinex).

However, when bitcoin continues to fall, everything has changed, in the morning session (December 7th) to create a new low for the year.

Fell mainly due to the U.S. Securities and Exchange Commission will once again VanEck ETF proposal postponed to 2019 years 2 months 27 days. Most experts expect the ETF will be delayed, but with the market prices decline, bitcoin will still be affected by.

Bitcoin has dropped more than 10.32% during the past 24 hours of trading, as of this writing, the market is currently working with a $3500 deal to fight. Giant crypto currency in the last 7 trading days has dropped 20% in the past 30 days soared 47%.

The BTC market has fallen below $60 billion, the transaction price of $59 billion 80 million. BTC is currently trading at 82% lower than the all-time high.

Let’s take a look at how the market continued.

Bitcoin price analysis

Analysis of the market in the short term the daily chart above, we can see clearly the bearish trend appeared in November has been started in December. The price trend has reached the short-term downside support level 1.618 Fibonacci expansion (purple drawing), the price for $3405. The reason most people are bearish, this support is not expected to continue for a long time. When prices really fell below $3405 of short-term support, we can expect immediate support at substantially below the medium-term downward position 1.272 Fibonacci level (blue), the price is $3083, the second is the leek consensus of $3000. If the seller to below $3000 daily, it can be extended in the 1.272 and 1.414 Fibonacci level down (in brown drawing) position for further support, $2885 and $2482 respectively. Under more support is located in the mid downstream interval 1.618 Fibonacci level (blue), the price is $2356, then $2000 level integer. At present, RSI did not even trade in the oversold condition, which indicates that BTC / USD have more room to fall further. conclusion

Bitcoin market turmoil has not ended. With bitcoin continues to decline further, we can expect this will also affect other encryption currency industry, because we expect many investors will likely fall due to market panic and uncertainty and to withdraw from the market. In the future, the integer level of $3000 will become an important support for bitcoin. If the Bulls failed to defend the region, we can expect the price action will reach the price of $1500, as Peng Bo Mike McGlone predicted.

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