New Year Party for Bitcoin Ends With A Slight Fall
Within 24 hours of the period, the Bitcoin price fell short by nearly 1% against the US Dollar on the first day of 2019.
The asset had gained a weekly high of $4,239 before Christmas but later positioned itself to a decline of $3,561 in the following days. December 28 saw it making an effort to commence a bullish trend, but it could not reach the $4,000 mark owing to low trading volumes and the crypto market not supporting the bullish run which could be due to the New Year holiday around the corner. January 1 saw Bitcoin stabilizing itself, wanting to move out, though still feeling the pressure of a downward pull.
Bitcoin still fails to impress investors to put their money even when there seem to be certain high levels. A range of $4,000-$4,239 also does not help to a great extent so that it starts a bullish run and reaches a considerable mark. With no change in the current market scenario, Bitcoin could settle down somewhere around $3,129.
At present, Bitcoin is positioned around $3,577 showing strength to jump up. If though it cannot maintain itself at these levels, it would probably need to find fresh support levels at $3,437 and $3,297. Inversely, Bitcoin has to cross hurdles of $4,000-$4,239 before it can switch over to a bullish race.
By the end of January, the retail market in expecting the inauguration of Bakkt, a Bitcoin future exchange supported by ICE. It is pretty obvious that major investors are holding back from any currency dealings at present whereas those holding petty amounts in these coins are just not enough to accelerate and form a bullish trend. It is forecasted that Bakkt could push the coins to a place that could at least touch a $5,000 mark.
The macroeconomic basics are also supporting Bitcoin, as the dollar rate is moving to a negative direction because of a fall in the assumption of rate increment. These situations have led the investors to find new areas of stability like the Japanese Yen. It still feels that slight support from the investors is all that the Bitcoin needs for its ride to new heights.
The erupting marks for Bitcoin are said to be $3,841 as the provisional resistance and $3,577 as the temporary support. Thus, anything on or above $3,841 added to a stop loss of just 1-pip lower to the entrance level is sufficient to manage the amount of risk undertaken.
As of now, a place below or nearing $3,577 is evident showing signs of a bearish trend. A stop loss to somewhere close to $3,755 can be maintained to lessen the losses if at all the Bitcoin rates rise.
