15.12.2017. Results of the Day. Bitcoin: Beginning the "Hike" towards $20,500?

December 16, 2017

15.12.2017. Results of the Day. Bitcoin: Beginning the

15.12.2017. Results of the day. Bitcoin: Beginning the "Hike" towards $20,500?

BTC $17,550.00 + 5.87%

$15,376,900,000 + 13%

 

ETH $640.44 -4.41%

$3,048,530,000 -23%


Growth leaders :

BitConnect + 24%.

IOTA + 14%.

Litecoin + 12%.


Market Review

  • Wall Street Journal reports that Japan, South Korea and Vietnam show 80% of trading activity in digital currencies.
  • South Korea is only planning to impose a profit tax on trading digital currencies, while tax authorities in India are already actively searching for clients of crypto-exchanges that shy away from paying taxes.
  • While the authorities are thinking over regulatory issues, South Korea's cryptoexchanges have come together to self-regulate the market.
  • The Central Bank of Malaysia has published rules for crypto-exchanges.
  • Every day someone warns about the risks of investing in Bitcoin - today it was the turn of the UK regulator.
  • ICO proceeds exceeded 4 billion dollars. Only in November the market received 148 new coins and it will never stop at what has been accomplished.

Technical view

During the current week Bitcoin grew by 31%, the volume of trade grew by 33%. Starting the week with recovery after correction, by the end of the week Bitcoin has again showed its historical maximum.

In case of recurring to the scenario of early December, when Bitcoin overcame the $11,000 barrier, having previously formed an upward triangle, we can meet the price of $20,500 as early as next week.

The nearest resistance level is $19,000, the next one is $20,000.

There are supports at $17,200 and $16,500, if the late goes lower, the growth scenario is canceled. When going below $15,800, the trend may change to a falling one.

 

Ethereum today went below the support of $650, but recovered during the day, returning to the range of $650 - $740. The volume of trade fell by 30%, which is normal for the flat.

The resistance level is $740, supports are $650, $630, $580.

As the attempt to exit the range downwards today proved to be unsuccessful, purposefully trading Ethereum in the next few days makes no sense, because the risks are either equal to or higher than the potential profit that can be gained by speculating in the range.


 

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