Bitcoin analysis for 19/12/2018

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A great British charity fund said at the Bloomberg Crypto Summit conference in London last Friday that the recent crash in the cryptographic market is simply a “bump on the road”.

James Bevan, Chief Investment Manager at CCLA (referred to as one of the largest fund managers in the United Kingdom), said during the panel that he does not see the recent decline in cryptocurrencies as an “existential crisis”; rather, it claims that it is only turbulence.

Bevan also compared the crypto to traditional financing, stating that institutional investors have a lot more potholes on roads in conventional currencies and transaction systems.

The financial media articles on Crypto Summit in the newsletter also predicts that the future of cryptocurrencies will entail more regulation, greater involvement of large institutions, less volatility and greater integration with traditional resources.

The first signs of large institutions that are beginning to interact with the industry are already present. The world’s second largest stock exchange, Nasdaq, reportedly confirmed the launch of bitcoin futures (BTC) in the first half of next year.

Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken out above the technical resistance at the level of $3,595 and moved higher towards the 50% Fibo at the level of $3,727. The momentum is still strong and positive, so more upwards movement is now being expected. The next target for bulls is seen at $3,880 (61% Fibo) and $3,994 level. Please notice, that despite the recent move upwards, it is still being considered as a corrective bounce, not a trend reversal move.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Bitcoin analysis for 19/12/2018

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