20/12/2017. Market Review. Results of the Day. Head and Shoulders Bitcoin.
December 20, 2017
BTC 16 849.5 $ -8.4%
22 880 000 000 $
ETH 806.51 $ -3.6%
4 164 230 000 $
Monero + 23%.
DASH + 31%.
Bitcoin Cash + 40%.
- Morgan Stanley: hedge funds poured $2 billion into crypto in 2017.
- Robert Schiller believes that there is no fair way to valuate bitcoin.
- SEC suspended trading of The Crypto Company shares due to strong growth.
- Bitfinex registers new users only by "invitation".
- Yesterday there were reported that co-founder of Bitcoin.com sold all his bitcoins, and today the founder of the Litecoin Charlie Lee sold all his LTC, allegedly with the goal to prevent the conflict of interests.
- Japan's largest auto dealer started accepting bitcoin.
- South Korean crypto exchange Yobit filed for bankruptcy.
Over the past 24 hours trading volume of BTC has increased by 50% and this is a the highest trading volume since December 11. Taking into account the 8,4% price drop and the breakthrough of the support level of $ 18,000 and the breakthrough of the last acceleration at the same tame, it is safe to say that the mood of traders is beginning to change. Bitcoin broke above $ 16,000 with the volume of 708,000 contracts. And now for the third day in a row the price is falling from its highs, and today it 'checked' the above level with the volume of 1 360 000 contracts. A beautiful reversal figure called Head and Shoulders is looming on the daily chart and in the event of a fall below $ 16,000 Bitcoin might expect a quick correction to the range of $ 13,000 - $ 14,000 and perhaps the long-awaited long-term downtrend.
ETH continues to correct after its strong growth. Support level is $ 740-760. Resistance level is 830-840 $. If rate leaves the range of 760-830 $, then the beginning of a new forwarded impulse is possible.