The Kryptoin ETF NAV is up slightly 0.38% to $26.66 in 24 hours. Meanwhile, the Cryptocurrency Market Cap moved up by 0.67% to $124.57B in the same time frame.
Up 15%: Bitcoin’s Price Bounces Back After 14-Month Low
Bitcoin’s 15-percent recovery from the 14-month low hit yesterday may have opened the doors for short-term price consolidation.
The leading cryptocurrency by market value dropped through the support of the trendline connecting the August 2015 and August 2016 lows and fell to $3,474 yesterday — the lowest level since Sept. 17, 2017 (prices as per Bitstamp). At that level, BTC was down 38 percent from the highs above $6,300 seen two weeks ago.
The drop was short-lived, however, and prices closed yesterday (as per UTC) at $3,939 — well above the trendline — validating the oversold conditions reported by the technical indicators. As a result, a bout of consolidation could be in the offing.
At press time, BTC is changing hands at $3,920 on Bitstamp, having clocked a high of $4,069 earlier today.
The 15 percent recovery, though, may turn out to be a “dead cat bounce” if the long-term trendline support, currently at $3,830 is again breached. Meanwhile, the prospects of a stronger corrective rally would improve if prices find acceptance above $4,000.
Godbole, O. (2018). Up 15%: Bitcoin’s Price Bounces Back After 14-Month Low — CoinDesk. [online] [Accessed 26 Nov. 2018].
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