Bitcoin Price Analysis: BTC/USD add $350 but Could Rally To $6,000 by Dec 2018November 29, 2018
After a stretcher, coin hodlers are finding reprieve. BTC/USD is up $350 in the last day but could edge higher now that Wall Street companies are forming a self regulatory group—ADAM with the aim of “cleaning” the crypto image. At the same time, NASDAQ plan to launch its first Bitcoin Futures by Q1 2019 should their proposals get approval from the CFTC.
Latest Bitcoin Prices
Latest Bitcoin Prices
Coinciding with Bitcoin price revival—after a long 11 months of value draining bear run, the Association for Digital Asset Markets (ADAM) is keen on “cleaning” Bitcoin and crypto image all thanks SEC indecision What’s important is not their objective–which aside from sanitizing the space, will be to create this code of conduct “fostering fair and orderly digital asset market where participants can transact with confidence” but the participation.
Read: Cryptocurrencies Rally as Bitcoin Moves Above $4,000 for First Time Since Plummeting
ADAM is made up of Wall Street dwellers including Galaxy Digital, Hudson River Trading and Symbiont. These companies are veterans with wealth of experience as far as regulation and management of emerging asset classes is concerned. From their site, they are confident they shall overcome all the challenges—including shaky prices which convince people that Bitcoin is a Ponzi scheme–and recoup the lost trust and confidence in this promising sector. To that end, they plan to publish the first code of conduct draft in 2019. Thereafter they shall roll out mechanisms that will see effective monitoring and compliance.
Also Read: US Treasury Sanctions Bitcoin Addresses, Two Iranian Men, in Ransomware Hacks
While self regulation pick up in the US and other parts of the world as the UK and Japan, the world’s second largest exchange, NASDAQ plan to launch Bitcoin Futures in 2019. At the moment, reports indicate that they are working closely with the CFTC. Once there is synchrony, they plan to launch in Q1 2019.
BTC/USD Price Analysis
After weeks–and even months– of lower lows that have seen Bitcoin drop from $20,000 to just over $3,500, hints are beginning to emerge of a possible recovery. So far, BTC/USD is down five percent in the last week—revealing the much needed correction as it was down 20 percent or so early this week—and a massive 13 percent in the last day. With this, statistics hint of a $350 addition which by all counts is miniscule when compared to the $1,500 drops from $6,000 or so registered in the last two weeks or so.
As it is, conservatives should take a cautious stand and not jump in until after we see strong convincing close above $5,000. When that prints then there shall be a double bar bull reversal pattern. Then again, it would be ideal if this move is accompanied by high trading volumes exceeding those of last week at 434k.
Like aforementioned, risk-on or conservative traders should not jump right in but instead aggressive type of traders should load at spot prices as they take advantage of a clear three-bar bullish reversal pattern—the morning star which printed after yesterday’s upsurges.
Though we would like to see a confirmation above $4,700 before committing—volumes are still thin and below the 58k average, risk off traders can ramp up with stops at Nov 25 lows of $3,700. First target will be $4,700 and later $5,800 assuming momentum is high.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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