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EOS Price Analysis: Platform Top-rated, But Will Prices Rally?

EOS

Latest EOS News

After an extended crypto winter that saw different projects
wrecked and developers calling it quit, it appears that the path towards
stability is cooperation. Tron has been pretty successful in that and now Wanchain,
an Ethereum fork which is creating solutions for cross chain interoperability
allowing seamless value transfer between heterogeneous blockchains, will this
year support EOS—the fourth most capitalized coin and a project ranked as “Superb”
by CMC’s new partner, a blockchain analytic firm, Flipside.

Read:Citi Once Had Plans To Launch A
(Centralized) Crypto Asset, But Failed To Execute

Already, Wanchain incorporated Loopring—a layer-2 protocol
which allows third parties to build non-custodial DEX meaning token or coin
exchange can be done in a peer to peer manner without the need of an third party
while all order management is done off-chain—on their platform. Here’s what Jack
Lu, Wanchain’s Founder and CEO had to say:

“Wanchain’s interoperability platform is an excellent complement to Loopring’s protocol and will set the stage for a more advanced DEX ecosystem with the ability to offer cross-chain trading pairs and increased liquidity. “

Also Read:Could Bitcoin (BTC) Follow Gold’s Long-Term
Chart?

All in all, 2019 could be an interesting year for DEXs
thanks to continued pummeling of centralized exchanges and increased oversight (and
demands) from protective regulators. Aside from Wanchain—Loopring initiative, Binance
is testing their version. However, should liquidity be overcame then we may as
well see a migration towards secure DEXs thereby drawing additional demand to
EOS—ranked as the best platform by China’s CCID.

EOS/USD Price Analysis

EOS

At the time of press, EOS performance is stellar and prices are up 1.9 percent in the last week with EOS changing hands at around $3.6 apiece. Even so, we should note that this could as well be a deserved correction and as price action dictates, a period of extended losses or gains should be followed by a correction. From the charts, it is clear that EOS is correcting and our resistance as laid out in the chart has been marked by a humongous bear bar.

EOS

Trend and Candlestick Formation: Short-term bullish and breakout pattern

From a top-down approach, sellers are technically in charge
and EOS is trending within a bear breakout pattern thanks to mid-Nov 2018
sell-off. Nonetheless, in the short-term and in a classic bear breakout
pattern, the current pullback could as well be the second stage—the retest
phase (targets at $4—which has been retested) before a trend resumption phase
begins.

Therefore, while we are bullish and anchoring our analysis
on the bullish breakout bar of Feb 18, we should also realize that the failure
of bulls to muster enough momentum and satisfactorily close above $4, reversing
losses of Feb 24 is bearish for EOS.

If EOS fail to close above $4.5 complete with above average
volumes exceeding 18 million in days ahead and instead drop below $3, we shall
have solid reasons to exit this trade as bears of Feb 24 flow back. If not and
prices rally, then bulls of Feb 18 would be present and in that case, first targets
will be at $6.

Volumes: Bearish

Our EOS/USD price analysis is based on Feb 18, 24 and
yesterday’s average at 14 million, 18 million and 3 million according to
streams from BitFinex. Since we are bullish, we expect prices to edge higher and,
in that case, EOS must print above $4.5.

As a result of this position, accompanying volumes must
exceed 18 million as price action confirms bulls of Feb 18. Conversely, losses
below $3 must be complete with equally high volumes exceeding 18 million and
recent averages confirming liquidation of Feb 24.

All charts courtesy of Trading View—BitFinex

This is not investment Advice. Do your Research.

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Crypto Analyst: As Bitcoin Staring Down A Barrel, BTC Needs To Break $4,200

Bitcoin Facing Downtrend, Watch $4,200

Per prominent analyst Crypto Rand, Bitcoin (BTC) is entering “do or die” time. In a recent post, Rand drew attention to a “yearly downtrend channel resistance,” which began in April 2018, and has depressed BTC each time it has tried to foray higher.

In July of last year, BTC tried its hand at moving past $8,000 but failed, as the asset encountered this multi-month resistance level. In November, the cryptocurrency plummeted under $6,000, failing to maintain a medium-term, mildly-sloped uptrend and break the downtrend simultaneously. This move, as you likely know, brought BTC to $3,150 and the aggregate value of cryptocurrencies eerily close to $100 billion.

But since that move, things have arguably been on the up and up, as BTC has slowly trended higher to reach $4,000. Although many are calling for a rally to the moon, with analysts expecting for Bitcoin to see a pre-halving run, Rand says that BTC has one final boss to face.

This boss, if you haven’t guessed it already, is the aforementioned channel resistance, which sits at $4,200. Considering historical precedent, if BTC doesn’t break the level this time, the asset could be in for lower lows, potentially falling under $3,000 in a dramatic sell-off.

Rand isn’t the first to have remarked that the coming days and weeks will be of utmost importance for Bitcoin’s ongoing move higher. Trader Crypto Birb posted a chart (seen below) highlighting what he calls a “market decision point,” which will either perpetuate BTC’s rally or send it into a long-term consolidation trend between $1,360 and $3,000.

Analysts Hopeful

While it’s entirely possible for BTC to falter from here, failing to break out of the descending channel downtrend that has plagued this market for months on end, many argue that upside is in crypto’s cards.

In a series of research notes, tweets, and mainstream media appearances, Tom Lee, the co-founder of New York-based advisory outfit Fundstrat, explained that the 200-week moving average could be signalling a Bitcoin breakout in the short-term. Citing other catalysts that could boost this market, the cryptocurrency analyst drew attention to macro trends, like the weakening performance of the U.S. dollar and the expectation that emerging markets will outperform, as a way to give credence to the theory that cryptocurrencies are preparing for liftoff.

Fundamentally, this space’s prospects have seemingly begun to turn positive. Each and every day, news comes out regarding institutional involvement. Case in point, Fidelity Investments just recently launched its Bitcoin-centric custodian, amid a newfound push for institutions to divert funds into this budding space. Rumor has it that a multitude of global banks have begun to harness IBM’s WorldWire blockchain program to offer stablecoins, which only cements the theme that Wall Street is keeping a close eye on this technology.

Adoption has also been hot. Samsung, another South Korean technology giant, was recently revealed to have integrated a product called “Blockchain Keystore” into its Samsung S10 lineup, which launched last month to widespread hype. While a debate rages on about the specifics of the offering, with some claiming that it stores Bitcoin and others noting that it works much like an Ethereum-centric DApp browser, the impact that Keystore will have on adoption has been gauged as monumental.

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Ethereum Price Analysis: ETH Temporary Liquidation at $140

Ethereum

Latest Ethereum (ETH) News

To quantify, there are more than 1.2 million dApps based on
the most-on demand and secure crypto smart contracting platform, Ethereum. With
smart contracts executing orders off an immutable and public network, security
is a top priority.

Read:Report: Ethereum (ETH) Has Twice the Monthly Core Dev
Support as Bitcoin (BTC)

Emerging records indicate that the creators of each of these
1.2 million dApps successfully used an efficient tool that could pick out 13
common smart contract flaws and later rating and notifying the creator before
execution. 

The tool that also improves transparency within the Ethereum ecosystem was launched by AmberData helps coders pick out common vulnerabilities plaguing Ethereum based dApps helping them control and even avert possible losses that can run into millions of dollars. And it is not a service locked to coders and dApp developers alone. Members of the public can use the tool to audit with their favorite Ethereum dApps thereby introducing the much-sought after transparency between end users and developers.

Also Read:Ethereum (ETH) Co-Founder Predicts Blockchain Will
Dominate Economy in 10 Years

Meanwhile, customers of the hacked New Zealand exchange are
set to get a haircut for their losses as the exchange struggles to par losses
and resume normal service. Even so, users are disappointed because latest
updates indicate that the exchange is yet to secure or recover stolen Ether
(ETH). As a result, users will have to stomach losses as the haircut will be
100 percent.

ETH/USD Price Analysis

Ethereum

Prices are stable—as it has been in the last couple of days. At the time of writing, ETH is up 3.8 percent in the last week as prices consolidate within tight trade range. Even though buyers are in control and trading within a bullish breakout pattern after prices closed above $135 with decent volumes late on Mar 5, the lack of upward momentum reversing losses of Feb 24 is negative for bulls.

Ethereum

Trend and Candlestick Formation: short-term bullish, Bullish breakout

As aforementioned, buyers have a chance in the short-term and trading within a bullish breakout pattern after bulls of Mar 5. All the same and from our last ETH/USD iterations, it is only after there is a conclusive close above $170 that bulls can be authoritatively be in control as they would have successfully nullified the bear breakout pattern of mid-Nov 2018.

Before then, aggressive traders should take advantage of dips in lower time frames, load up and aim for $170 with tight stops at Mar 5 lows or $135. However, should there be a slide and prices collapse below $135, then traders should exit their longs as it is likely that prices will drop back to $110 or $70—Dec 2018 lows.

Volumes: Bearish

From the chart, participation is shrinking. Despite our optimism and expectation of higher highs, records indicate that bulls are sustained by low and dropping volumes. By Mar 5, volumes stood at 296k with that dropping to 171k on Mar 17. By all accounts, this pales in comparison with those of Feb 24 whose average stood at 415k with record volumes of 880k.

Therefore, unless otherwise there are strong gains above $170 with equally high volumes—ideally above 1 million, ETH will be under pressure and could cave, shattering our optimism. Any form of high volume close above $170 would, nonetheless, open doors for $250 or higher in days ahead.

All charts courtesy of Trading View—BitFinex

This is not investment advice. Do your research.

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Ethereum (ETH) Price Analysis: Shallow Uptrend Going On

Ethereum has formed higher lows and higher highs to create a rising wedge formation visible on its 1-hour chart. Price is down to the wedge support that lines up with the 50% Fib where buyers might be waiting.

Bulls are defending the support at the $140 level and could take ethereum back to the swing high around the $147.50 mark or the resistance at $150. Stronger bullish momentum could even lead to an upside break and a rally that’s the same height as the chart formation, which spans $127.50 to $147.50.

The 100 SMA is above the longer-term 200 SMA to indicate that the path of least resistance is to the upside or that the rally is more likely to gain traction than to reverse. However, the gap between the indicators is narrowing to reflect weaker bullish momentum. A bearish crossover could increase the odds of a downside break and a selloff that’s the same height as the chart pattern.

RSI is still heading up to signal that there may be some bullish pressure left, but the oscillator also seems to be turning south so price might follow suit as sellers return. Stochastic is also turning lower without reaching the overbought zone, indicating that sellers are eager to return and push price down.

There haven’t been much updates on most cryptocurrencies, including ethereum, these days so it’s understandable that traders are holding out from larger bets. Bulls continue to defend support levels, possibly on optimism for institutional investments but traders are also getting noticeably wary on the lack of developments.

Further delays in this aspect could spur a wave of profit-taking as traders wait to enter at much better levels. On the other hand, any progress could trigger upside breakouts and rallies on FOMO.

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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EOS Price Primed For More Upsides Versus USD, BTC and ETH

EOS price climbed higher after
forming support near the $3.25 level against the US Dollar. EOS is currently
placed nicely in a positive zone and it could extend upsides versus USD, BTC
and ETH.

Key Talking Points

  • EOS price traded higher and broke the $3.60
    resistance level (Data feed of Kraken) against the US Dollar.
  • There is a crucial bullish trend line in place
    with support at $3.62 on the 4-hours chart.
  • The price remains supported on dips and it could
    climb higher towards $3.82 and $4.00.

EOS Price Analysis

Recently, there were strong bullish moves in bitcoin, ripple, EOS, litecoin, binance coin and other cryptocurrencies against the US Dollar. Later, most of them corrected lower and EOS price too corrected a few points from the $3.80 resistance, but it remains supported on dips.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a solid support near the $3.25 level and later started a strong upward move. It broke the $3.50 and $3.60 resistance levels to move into a positive zone.

There was also a break above a key bearish trend line with
resistance at $3.60 on the 4-hours chart. It opened the doors for more gains
above $3.70 and the price settled above 100 simple moving average (4-hours).

The price climbed towards the $3.82-.3.85 resistance area,
where sellers appeared. A high was formed near the $3.81 level before the price
started a downside correction. It declined below the 23.6% Fib retracement level
of the recent wave from the $3.284 low to $3.881 high.

However, there are many supports on the downside above the
$3.60 level. There is also a crucial bullish trend line in place with support
at $3.62 on the same chart. Besides, the 100 SMA is positioned near the $3.60
level.

If EOS price breaks the $3.60 support, it could test $3.55
and the 50% Fib retracement level of the recent wave from the $3.284 low to $3.881
high. The overall price structure is positive and it seems like there could be more
gains above $3.75. $3.80 and $3.85 as long as the price stays above the $3.50
pivot level.

The market data is provided by TradingView.

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Bitcoin (BTC) Over-Extended, Will It Pull Back To $3,500—800 Zone?

Latest Bitcoin News

In one way or another, Bitcoin is now stable. And it wasn’t always calm waters and thanks to its whipsaws, analysts as well as traditional market influencers found new terms describing the world’s most valuable crypto asset. Jamie Dimon called it a scam before his corporation ironically launched the first ever inter-bank settlement private token, the JPM Coin.

Read: Bitcoin Won’t Be $3,000 Cheap
Again, Crypto To Trend Higher In April

However, it is Charlie Munger, the vice chair of Berkshire Hathaway–whose head, Warren Buffet, is against the idea of crypto, that stole the show after calling it rat poison. Weeks later, Warren Buffet said Bitcoin was Rat Poison squared. Whether Bitcoin is a scam, a fraud, a Ponzi or rat poison, enthusiasts and builders are undeterred.

For true believers eyeing the overall prize, it’s all about
adoption which is encouragingly gathering pace and gaining traction especially
after the launch of the experimental Lightning Network whose capacity
now exceeds 1,000 BTC
processing more than $4 million as a result. It
has been a year or so after roll out but the benefits are beginning to permeate.

Also Read: Here’s why The Bitcoin
Lightning Network Capacity Exceeds $4.2 million

More merchants are now accepting cheap, LN payments while
those in Twitter can receive instantaneous tips via Bitcoin LN after Jack
Dorsey endorsed Tippin.me.

BTC/USD Price Analysis

Bitcoin

After a stellar week, Bitcoin prices are up but stable in
the last day. Prices are up 1.6 percent from last week’s close but likely to
add more in days ahead.

From a top down approach, sellers have the upper hand and
the situation has been made worse by the failure of buyers to completely
reverse Feb 24 draw downs.

As it is a bear bar, wide ranging and supported by above average volumes, bulls will be effectively in charge if prices close above Feb 23 highs as laid out in previous BTC/USD price analysis.

Bitcoin

Trend and Candlestick Arrangement: Bullish in short-term Within a Minor Breakout
Pattern

In the short-term, Bitcoin prices are held within a $1,300
consolidation with resistance levels at $4,500 or Dec 2018 highs and supports
at $3,200. Those are 2018 lows from where prices found support and rode higher.
Regardless, it appears as if Bitcoin (BTC) bulls have a temporary advantage
over bears and trading within a bullish breakout pattern with supports at
$3,800.

Going forward, we shall borrow cues from our previous BTC/USD trade plan while expecting gains above $4,500 now that prices appear to be banding along the upper BB albeit with low participation levels. All the same and as emphasized before, every low should be a loading opportunity and the only time this position will be null is when prices dip below $3,800 cancelling projections based on the double bar bull reversal pattern of Mar4-5.

Volumes: Bearish

Despite our optimism and expectations of price revival, our
anchor bar is based on Feb 24. It is bearish and fueling this liquidation are
high volumes at 36k versus 19k average. Since the past three weeks prices are trading
within this bar’s high low, it means sellers have the upper hand unless of
course there is a spike in prices driving prices above $4,500 complete with
high transaction levels exceeding 40k. it is only through this route that bulls
of Feb 18—37k versus 12k would be in charge as prices edge closer to $4,500.

All charts courtesy of Trading View—BitFinex

This is not investment advice. Do your own research.

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Crypto is Breaking Out, But Bitcoin (BTC) Still Needs To Surmount $4,400

Crypto Breaks 1Yr+ Downtrend

Over recent weeks, the crypto market has embarked on a stellar rally. While some have described the price action as a “bull trap” or something of a similar nature, some evidence is pointing towards the fact that this market may be on the verge of a long-term rally, or at least a long bout of sideways movement underscored by a bullish trendline. The fact that Bitcoin (BTC) recently surpassed $4,000 has only somewhat cemented this theory.

Nik Patel, a popular content creator in this space, recently took to Twitter to lay out his thoughts on the market. Citing the recent movement seen in the value of all digital assets, he noted that this sum has finally broken out of a 15-month downtrend resistance line, and is holding well above a short-term uptrend.

Patel, much like many other crypto traders, then touched on the volume profile, explaining that the steadily rising increase has him slightly enthused. And with that, he concluded that more likely than not, bears are currently in a stage of disbelief, potentially setting a precedent for a further move to the upside. He adds that this ticker’s daily chart “does look bullish for the market.”

But, it isn’t exactly that cut and dried. Firstly, the cryptocurrency market capitalization (CMC) still remains under its 200-day moving average, which has acted as a pseudo-resistance in this bear market and a pseudo-support in 2017’s rally. To surmount this level, CMC would need to surpass ~$145 billion or so, currently 10% above current levels.

In a separate tweet, Patel touches on this, explaining that yes, we won’t be seeing all-time highs soon and that this budding market remains rangebound despite the casual trendline break.

Bitcoin Needs $4,400

In his most recent blog post, he touched on Bitcoin specifically, explaining what levels traders of the flagship cryptocurrency should watch in the near future. He notes that while there was a “bullish continuation” of last week’s positive-leaning momentum, and that BTC is holding above some key short-term supports, traders would be remiss to call for the moon.

Patel explains that Bitcoin needs to close above $4,400 on solid volume to confirm that it is not rangebound, setting the stage for a further move to the upside. But, considering that BTC topped out its last rally at around $4,200 or $4,300, there may be some key resistance levels in the region to move past.

Filb Filb, a preeminent trader, made a comment of a similar nature just recently. He explained that above $4,400 has a huge void in volume, and Bitcoin could thus move drastically higher from there if that auspicious level is reached.

Title Image Courtesy of Descryptive.com Via Unsplash

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Could Booming Bitcoin Volume Set A Precedent For A Crypto Rally?

Bitcoin Trading Volumes Boom

Over recent weeks, it has become more and more apparent that life has returned to Bitcoin (BTC), and the broader digital asset ecosystem by extension. Independent cryptocurrency researcher Kevin Rooke recently drew attention to data that would corroborate this sentiment on Twitter.

Rooke notes that per statistics from Nic Carter’s CoinMetrics, Bitcoin trading volume on all exchanges combined is up by 150% or so over the last five months, all while BTC fell from $6,000 to $4,000. He adds that the average daily volume sum for the cryptocurrency hasn’t been this high since January 2018, when BTC was falling off its $20,000 peak in a surprising, rapid turn of events.

And to put the cherry on top of the proverbial cryptocurrency cake, Rooke adds that while a mere nine days in the last 12 months have posted $10 billion in Bitcoin volume, five of those days have been in the past two weeks.

Could This Set A Positive Precedent For Crypto?

While there are other catalysts that could drive this market, volume readings are seen as a key way to interpret market interest in an asset, meaning that the recent influx of both buying and selling pressure could mean that investors (or traders at the minimum) are starting to see some money-making potential. Many believe that this newfound speculation could fuel a bounce.

Financial Survivalism, for instance, noted that from a top-down perspective, trading volumes are the highest this industry has seen since the last week of 2017, a time when everyone and their dog were investing their savings into altcoins in dreams of striking it rich. The insurance agent turned Bitcoin traders adds that this nascent space hasn’t ever seen “four straight weekly bars with [this] much buying volume,” leading him to the conclusion that a short-term bounce to precede a move to under $2,000 is in Bitcoin’s cards.

But, there’s a nuance or two. Crypto Integrity, a blockchain-centric research division that specializes in market manipulation and fraud, claims that up to 88% of all volume figures could be entirely fraudulent. Integrity’s data science team specifically draws attention to OkEX, Bit-Z, Huobi, HitBTC, among a handful of other mostly unregulated exchanges as perpetrators or accessories in potential wash trading schemes.

Speaking to Decrypt, a team member from the research group explained how it gathered this information:

“[We built] a system that collects low-level market data from exchanges (order books as well as trades). It allows us identify what no one is able to find on charts or by the analysis of trades & volumes.”

If this is accurate, this revelation would be a drastic blow to analysts who believe that cryptocurrencies are slated to move higher on the back of volumes.

Photo by Thought Catalog on Unsplash

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All Eyes on Cardano ADA After Coinbase Stellar XLM Addition

Following yesterday’s sudden addition of Stellar XLM to U.S.-based cryptocurrency exchange Coinbase, investor interest has quickly shifted to Cardano ADA.

While the entire industry is experiencing a bump in price, with Bitcoin making another run at $4000 for the third time in 2019, eleventh-largest coin by market capitalization Cardano has managed to outpace the rest of the market.

Some of the ADA price action is being driven by a buoying of the rest of the market, with most coins experiencing a double-digit appreciation since the start of the year–a welcome change from 2018’s endless downward spiral. However, many investors are also piling into Cardano from FOMO and anticipation of another Coinbase listing, with ADA being the last of a long-awaited group to be added to the exchange.

In July 2018, Coinbase announced exploration into five new cryptocurrencies for listing, addressing one of its most common customer complaints that the exchange’s offering was too limited. Of the five coins that were originally outlined in that update, Cardano is the only coin to not yet be listed.

Despite, at the time, Stellar XLM and Cardano ADA being the most popular and heavily favored choices for Coinbase to offer investors, it’s surprising that they were the last two coins to be considered–with ADA still waiting for integration. However, both coins offer significant advantages to both Coinbase users and the industry of crypto. Stellar has been at the forefront of non-profit cryptocurrency engagement, and is targeting unbanked populations in developing countries.

Cardano, similar to Ethereum, is looking to build a network of blockchain use that extends beyond monetary transfers. With the guidance of IOHK CEO and former ETH co-founder Charles Hoskinson, ADA has managed to build a fair amount of interest in the 1.5 years it has been available on the open market.

However, the current rush of ADA investors would be wise to consider the position of Coinbase. While it does appear that the exchange is set on increasing its cryptocurrency selection at an accelerated pace relative to past engagement, there is no guarantee that Cardano will be coming to Coinbase any time soon. Investors are basing their decision on the fact that XLM followed XRP’s listing by a few weeks, as opposed to the months that have traditionally passed between Coinbase listings.

Despite Coinbase announcing in December their intention to add hundreds of new currencies–with XRP being listed as one of the possible coins–some community members believe that Ripple paid for the coin to be added to the exchange. For one, the timing was convenient for both Ripple and XRP, giving a positive boost to the currency in the wake of J.P. Morgan’s JPM Coin announcement. And, as other analysts have pointed out, XRP violates Coinbase’s guidelines for listing new currencies by way of Ripple’s majority stake in the coin.

That being said, investors are attempting to make the most out of the Coinbase FOMO and new coin excitement, given the waning we have seen over the last year in the exchange’s influence on cryptocurrency prices.

Title image courtesy of beatingbetting.co.uk

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Bitcoin (BTC) Price Analysis: Volatility Jumps But Still Directionless

Bitcoin spiked strongly in both directions over the past few hours as volatility ticked higher but failed to put price in a clear course. It is still trading within the symmetrical triangle consolidation previously highlighted but might be showing some upside.

The 100 SMA is below the longer-term 200 SMA, though, so the path of least resistance is to the downside. In other words, support is more likely to break than to hold. In that case, price could fall by the same height as the triangle, which spans $3,850 to around $4,050.

However, price is trading above the 100 SMA as an early indication of bullish momentum and might be poised to break past the 200 SMA dynamic resistance as well. Bitcoin appears to have closed above the triangle top but it could be too soon to see if this is not a fake out.

RSI is in the overbought zone and looks ready to move south to signal a pickup in selling pressure. There’s plenty of room for the oscillator to head lower before reaching the oversold region, which means that there’s plenty of time for sellers to stay in control.

Meanwhile, stochastic is just on the move up to show that bullish momentum is in play and could stay on until overbought conditions are seen. This oscillator has some ground to cover before indicating overbought conditions or exhaustion among sellers.

Technical indicators have been giving mixed signals and analysts have mixed forecasts as well. Tom Lee of Fundstrat maintains that bitcoin bulls will be back this year while others point to similarities between current price action and the 2018 bitcoin crash.

Factors that could lead to a bitcoin rally include the Bakkt platform and Fidelity’s institutional offering, but so far traders are still holding out for actual updates on how these are turning out. Any evidence of a surge in volumes could draw bulls back in, but there is still a lot of hesitation evident in the markets these days.

Others noted that bitcoin has been repeating its price action in November last year where bitcoin was stuck around the $6,400 mark before making a nearly non-stop slide to the $3,200 area.

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