- Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart.
- Ethereum price continues to consolidate under the $3,938 resistance level.
- Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.
Bitcoin price is facing resistance and selling pressure as it is inches away from retesting its all-time high. The technicals are also hinting at a retracement, which could translate to other altcoin markets.
Bitcoin price readies itself for a launch
Bitcoin price has risen a whopping 48% since October 1 but is finally slowing down as it approaches its all-time high of $64,895. On the daily chart, the Momentum Reversal Indicator (MRI) has flashed a red ‘one’ sell signal. This technical formation forecasts a one-to-four candlestick correction.
Investors should exercise caution as a pullback could be on its way. This correction could knock the big crypto downer to $62,944, the immediate support level below price, or push it down to the $60,000 psychological level. In some cases, if profit-taking intensifies, BTC might retest the $56,000 support barrier.
The aforementioned retracement may provide an opportunity for sidelined buyers to jump on the bandwagon and kick-start a massive uptrend that not only breaches through the all-time high at $64,895 but also sets up a new target at $70,000.
The 161.8% trend-based Fibonacci extension level at $77,525, could be the next pitstop for bulls.
BTC/USD 1-day chart
While things are looking slightly bearish for Bitcoin price in the short-term, a breakdown of the $56,000 support level has the chance to deepen the corrective wave, pushing BTC as low as $52,000 or, in some cases, $51,000, therefore, market participants need to be careful and wait for a confirmation of the upswing.
Bitcoin Consolidates, Ethereum Inches Higher, LUNA Flips DOGE
- Bitcoin price is struggling to settle above the USD 50,000 resistance.
- Ethereum targets USD 4,400, XRP is up almost 5%.
- LUNA jumped 13% and entered the top 10 club.
Bitcoin price corrected lower and tested the USD 49,000 region. BTC is relatively stable and is currently (04:24 UTC) facing resistance near USD 50,000. A close above USD 50,000 may perhaps push the price towards USD 52,000.
Besides, most major altcoins are gaining bullish momentum. ETH surpassed USD 4,350 and may perhaps gain strength above USD 4,400. XRP is up almost 5% and it is attempting a clear move above USD 0.85. ADA is rising towards the key USD 1.40 resistance.
Total market capitalization
After a move below USD 50,000, bitcoin price found support near the USD 49,000 level. BTC started a fresh increase but is trying to reach USD 50,000. A close above USD 50,000 and USD 50,500 might open the doors for more upsides. The next major resistance for the bulls is near the USD 52,000 level.
An immediate support on the downside is near USD 49,200. The next major support is near the USD 49,000 level, below which the price could test USD 47,500.
Ethereum price found support near the USD 4,200 region and started a fresh increase. ETH cleared the USD 4,350 resistance level and is showing positive signs. A clear move above the USD 4,400 and USD 4,420 levels could set the pace for a larger increase.
On the downside, an initial support is near the USD 4,350 level. The next key support is now forming near the USD 4,220 level.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) settled above the USD 1.35 level and is approaching the USD 1.38 resistance. The main hurdle is still near USD 1.40, above which it may perhaps rise towards the USD 1.465 level.
Binance coin (BNB) gained almost 6% and cleared the USD 600 resistance. An immediate resistance is near USD 612. A move above USD 612 could even push the price towards USD 630.
Solana (SOL) found support above the USD 180 level. It is recovering losses and trading near USD 190. An initial hurdle is near USD 195 but the main hurdle is USD 200. On the downside, the USD 180 level is a strong support.
SHIB is trading in a positive zone above the USD 0.0000355 level. It is trimming losses and trading near the USD 0.0000370 level. If there are additional gains, the price could test the USD 0.000038 zone. The next major resistance is near the USD 0.000040 level.
XRP price gained almost 5% and even cleared the USD 0.850 resistance zone. If the bulls remain in action, the price might test the USD 0.88 resistance. If not, there could be a fresh decline towards the USD 0.800 support zone.
Other altcoins market today
Many altcoins are up over 5%, including WAXP, NEAR, CELO, HT, EOS, AMP, AAVE, LUNA, LRC, RUNE, 1INCH, and GRT. Out of these, LUNA flipped DOGE and entered the list of the top largest cryptoassets by market capitalization. The price is up 13% and is trading above USD 76. It’s also up by 18% in a week. Meanwhile, CELO and NEAR rallied around 20%, while BTT stopped its rally, correcting 11% in a day.
Overall, bitcoin price is consolidating near the USD 50,000 level. If BTC gains strength above USD 50,000, it could start a fresh increase towards USD 52,000 in the near term.
Macro Guru Raoul Pal Betting on Bitcoin, Ethereum and Nine Additional Altcoins – Here’s His Current Crypto Portfolio
Real Vision chief executive Raoul Pal is revealing most of his crypto portfolio for public viewing.
In a new interview with Thinking Crypto, the former Goldman Sachs executive says that he primarily started out as a Bitcoin (BTC) investor then switched most of his BTC into Ethereum (ETH).
Pal says he then built a basket of 10 equally weighted large-cap altcoins. He later added the smart contract platform Solana (SOL) to his portfolio as well.
In an interview last week, the Real Vision CEO noted 82% of his portfolio is in ETH.
He says in his new Thinking Crypto interview that one of the smaller crypto assets he owns has seen such a significant surge in price that it’s ballooned into becoming his second-largest holding.
“What’s fascinating is my second-largest holding now, from an equally weighted basket, second to Ethereum, is Sandbox.
I’m bought in, it just went up 20x in the last month and a half, which is crazy.
I mean I would not take that position, second-largest position in Sandbox, but that’s where it is, and I’m not rebalancing for the time being.”
The Sandbox (SAND) is an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences. The project’s native token, SAND, is used to transfer value, secure the network and govern the protocol.
Pal also mentions that he bet on the Ethereum-powered decentralized virtual gaming world Decentraland (MANA). Decentraland’s native token, MANA, is used as a means of exchange.
The Real Vision CEO says he has also bet on a handful of decentralized finance (DeFi) projects, including the lending protocol Aave (AAVE), the decentralized exchange Uniswap (UNI), and the smart contract platform Polkadot (DOT).
Additionally, Pal notes that he’s made a couple of bets on social tokens, including Chiliz and Rally.
Chiliz (CHZ) is a platform for tokenizing sports and esports in order to encourage fan engagement.
Rally (RLY) is a decentralized network that enables creators and brands to monetize their content and offer community benefits.
Pal also says he owns XRP, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.
Mike Novogratz Expects Bitcoin to Stay Above $42,000
Mike Novogratz says that it would be surprising to see Bitcoin below $40,000
Galaxy Digital CEO Mike Novogratz believes that the price of Bitcoin is not going to fall below $40,000.
The crypto mogul told CNBC host Joe Kernen earlier today that he would be surprised to see the biggest cryptocurrency revisiting the aforementioned price level.
"I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000," says @Novogratz on #Bitcoin's latest dip $BTC. "There's so many more people participating on it. It's hard for me to see if going below." pic.twitter.com/4VuYIw01dF— Squawk Box (@SquawkCNBC) December 8, 2021
Novogratz is convinced that $42,000 will remain at the bottom of the ongoing correction.
I think $42,000 should hold, that should be the bottom of this move. It would surprise me if it went below $40,000.
Bitcoin suddenly collapsed 21% on Dec. 4, making crypto traders dust off their $20,000 charts.
The cryptocurrency managed to recover to $52,000 on Dec. 8, but it was rejected there.
At press time, Bitcoin is trading down 2.7%, slightly above the $49,000 level on cryptocurrency exchange Bitstamp.
Novogratz claims that Bitcoin going below $40,000 would result in a significant sentiment shift, adding that such a dramatic drop would make him scratch his head.
The crypto boss remains optimistic due to the increasing number of people participating in the industry:
There’s so many more people participating on it. It’s hard for me to see if going below.
However, as reported by U.Today, growth investor Louis Navellier recently said that Bitcoin could drop to $10,000 if it were to lose the do-or-die $28,500 support level that managed to hold during a dramatic correction in summer.
After a streak of unsuccessful predictions in 2018, the hedge fund veteran made a prescient call about Bitcoin reclaiming its previous record high of $20,000 by the end of 2020.
Bitcoin is now up 73% in 2021, significantly underperforming some of the top altcoins.