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Cryptocurrency Market Update: Waiting For Signals on a Flat Monday

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Markets are flat this morning with few coins moving; ChainLink doing well but Aelf, TenX and Bitcoin Gold suffering.

As we start another working week crypto land remains flat after a weekend of inactivity across the markets. There have been virtually no movements in total market capitalization which remains under $300 billion.

Bitcoin hasn’t moved at all and is still trading at $8,160 where it was this time yesterday. Likewise with Ethereum which is trading at $465, the same level as the weekend. Altcoins are mostly in the red but by very small amounts, the top ten is pretty much the same as yesterday. Stellar has fallen back the most once again with a 4% decline to $0.30. Over the week XLM is still up 3.5% since last Monday.

The top twenty is also red at the moment with all coins in decline aside from Ethereum Classic which is up 1.6% to $17.

The biggest loss is from Binance Coin which has dropped 5.8% to $13.60 followed by Monero which is down 4.4% to $135. The rest are losing between 1-2% at the moment.

Further down the list the losses are greater with over 5% declines for 0x, Zilliqa and Bitcoin Gold. Icon however is in the green by 2.6% to trade at $1.33. ChainLink is the top performing altcoin at the moment with a climb of 6.8% to $0.342. At the opposite end of the crypto spectrum is Aelf which has dropped 10% followed by TenX down 8%.

Markets are poised for another movement over the next couple of days. Total capitalization has not changed in the past 24 hours and remains just below $295 billion at the time of writing. Since last Monday crypto markets have gained a marginal 2.7% and are still up trending slightly since mid-July. Trade volume is currently at $13.5 million which is slightly higher than this time yesterday.

A further upswing will take markets over $300 billion and Bitcoin to its next major resistance level near $9,000. More bearish selling though could see things go back to the lows earlier this month.

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BITCOIN VOLATILITY DWINDLING, HAS BTC TAKEN AN EARLY VACATION?

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Bitcoin and cryptocurrency markets are slowing down. There has been very little activity over the past week as volumes and volatility decline. Technical indicators are also lining up which could indicate a larger move is imminent or is BTC on vacation for the rest of the year?


BITCOIN SLOWING DOWN

This may not be such a bad thing. One of the points bitcoin detractors always make is that it is too volatile to be used as a daily currency. This much is true if a cup of coffee is going to be 20% cheaper ten minutes later you’re not going to buy one in BTC right now.

Over the past year or so these massive price swings have decreased in amplitude and it appears that bitcoin has entered a low volatility regime.

Day traders seeking quick bucks have had to take a break as movements are minimal at the

moment. Over the past few days, BTC has only oscillated $150 or so in its sideways channel. This is good for price stability but not good for those seeking quick returns.

This type of action often preludes a bigger move and technical indicators such as Bollinger bands squeezing are also indicative of such.

This slowing of momentum has happened across the board, not just on bitcoin markets. Ethereum volatility is also at low ebb, falling to levels not experienced since 2016 as noted by Coin Metrics.

It could just be that time of year when traders take a break and FOMO is as thin as the first fall of winter snow. If this is the case then markets will remain flaccid until sometime next month.

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Bitcoin News Today – Headlines for December 14

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  • Investor believes round numbers are very important in BTC markets
  • BTC crossing $10k is important says investors and analysts
  • Crossing the $10k mark in the near-term will ensure that Bitcoin’s price action is positive.

Bitcoin News Today – Bitcoin investors have always gravitated towards round figures. According to one top crypto investor and commentator, the importance of round numbers can’t be overstated especially in a nascent market. This implies that after reclaiming the $10,000 mark, the macro price scales will ensure that Bitcoin can go higher and higher until it reaches a new round number.

The Importance of Round Number Prices in Crypto

During a recent interview with Luke Martin, Three Arrows Capital Su Zhu said gave his opinion on why round numbers are essential. According to Zhu round numbers are important in the crypto market because the leading crypto topping the $10,000 mark will be an important time in terms of forcing a good price action. It isn’t only Zhu who is of the view that $10,000 is of great importance for Bitcoin and the entire crypto space.

Earlier in the year, Tom Lee, Fundstrat Global Advisors’ resident crypto analyst released his analysis for BTC by his firm. His analysis implies that if the price of BTC reaches and crosses the $10,000 level it could mean

something big. He requested that we all watch for that level. According to Fundstrat’s’ analysis, once BTC tops the $10,000 area, “Level 10” FOMO is expected to grace the market. If history repeats itself, the crypto market will shoot higher after $10,000 is reclaimed.

Another platform that agrees with Zhu’s view is Bloomberg. Bloomberg wrote in November of this year about the importance of the $10k barrier and how essential round figures with four and five digits are. The platform said Bitcoin faces a solid resistance point at the $10,000 area. The coin will have to break this barrier if there is to be a confirmation and continuation of meaningful gains.

Is the $10k Mark Attainable for Bitcoin?

Speaking about Bloomberg and BTC getting to the $10,000 mark, one analyst at Bloomberg believes that it’s just a matter of time before the number one crypto tops that key position. The analyst, Mike McGlone, who is the senior commodities strategist at Bloomberg, revealed in his monthly market update that he believes that Bitcoin will top the essential $10,000 resistance point. He said as gold rallies, Bitcoin should rally. While Gold is currently trending below BTC amidst the trade war, the macro picture may begin to favor gold and Bitcoin as we head into 2020.

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Stratis Will Increase Rapidly If It Moves Above 4500 Satoshis, Predicts Trader

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Stratis has been trading in a range since August 2019. This movement has the characteristics of the consolidation phase, after which a new bullish market cycle is expected to begin.

The trading range of this consolidation has a magnitude of 40%, and the price has tested both the resistance and support areas several times. At the time of writing, it was moving upward towards the resistance area.

Full-time trader @CryptoMichNL noted that the Stratis price has been holding above a strong support area and has shown signs of moving upward.

Additionally, he suggested that a breakout above the 4500 satoshi resistance area would probably accelerate the rate of increase.

Let’s take a closer look at the price and see how likely this is to happen.

Long-Term Bottom

First, the Stratis price reached the long-term support area at 3000 satoshis in August 2019.

This was almost an all-time low, coinciding with the lows reached in 2016, which was the bottom before the 2017 upward move.

Additionally, the RSI reached an all-time low value of 23 during this time and created bullish

divergence. The weekly RSI has never been this low and the only other time it has created bullish divergence (October 2018) an upward move followed.

This suggests that this is a very suitable level to make a low and initiate a reversal, as we have suggested in our previous article.

Stratis All-Time Low

Looking closer at the movement, we can see the trading range, consisting of two support and one resistance area.

The main support area is at 3250 satoshis, where the double bottom was created. This is followed by the minor support area at 3850 satoshis. The minor support coincides with the 100-day moving average (MA). The price has flipped it as support. The price fell inside it twice and began an upward move each time.

The resistance area is found at 4500 satoshis and the price has not reached it since November 30.

Stratis Trading Range

Short-Term Breakout

On December 11, the Stratis price broke out above the descending resistance line that had been in place since the beginning of December.

The breakout transpired with significant volume, increasing the validity of the movement. Afterward, the price returned to validate the descending resistance line, a common movement after breakouts.

Stratis Short Term

To conclude, the Stratis price is likely consolidating before beginning a new market cycle. A decisive breakout above 4500 satoshis is expected, confirming that the new cycle has begun.

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