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Bitcoin on Tuesday extended its downward momentum, dropping 0.67% against the US Dollar.

The BTC/USD trading pair opened the Asian trading session at $6288 and attempted an upside correction to as high of $6309.  The selling pressure around the 6309 level resumed the downtrend. As a result, the pair kept forming red candles for the rest of the Asian and European trading session.

The macroeconomic view of the US Dollar posted bullish sentiment for the currency. But it is not looking the same today. The greenback is poised to post losses before the market closes as European currencies rebound. The ICE dollar index was noted to be down 0.1% as the market opened today.

A weaker dollar on an intraday basis can reinject the BTC/USD market with some upside sentiments. The pair is already forming a falling wedge pattern, indicated by the two unparallel black lines in the chart. The consecutive swing highs and lows coupled with decreasing volume traditionally mark preparation of a breakout action. That said, BTC/USD should attempt to knock out the upper trendline of the falling wedge pattern and rally towards 6500-fiat as its primary upside target.

The RSI and the Stoch are also signaling an upside movement in BTC/USD price action. Both the indicators are inside their respective selling regions and are eyeing a pullback. In the chart, a rising red trendline is capping the downside action for now.

https://www.ccn.com/bitcoin-analysis-falling-wedge-indicates-interim-breakout-scenario/amp/

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The cryptocurrency market has started to recover gradually from a major pullback, which occurred following a substantial 40% increase in Bitcoin Cash (BCH) and a surge in the price of several other major cryptocurrencies.

Over the last 24 hours, the valuation of the cryptocurrency market has increased from $211 billion to $213 billion. Some cryptocurrencies including Ripple (XRP) and Ethereum (ETH) have started to demonstrate momentum, both recording around a 2 percent rise in value on the day.

The volume of BTC, which remained above the $4.5 billion mark earlier this week, has dropped to $3.8 billion, as the dominant cryptocurrency struggled to retain stability in the $6,500 region. Since then, BTC endured a pullback from $6,550 to $6,350, after recording significant sell volume on both Wednesday and Thursday.

Until the weekly candle of BTC closes, the asset is not likely to engage in a major price action in the high region of $6,000. With the volume of BTC down more than 15 percent within the past 72 hours and considering the fact that the volume of the cryptocurrency exchange market tends to dip during the weekend, BTC is highly unlikely to demonstrate any positive short-term price movement above the $6,500 mark at least in the next 48 hours.

https://www.ccn.com/crypto-market-recovers-from-pullback-but-bitcoin-momentum-is-weak/?fbclid=IwAR39O0ayrvdLldMNak8EE0TzcNPSKzUSe0vzGouOhEH5If--dfOhEu-SpeQ

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Nearly 11 months into a bear market and now the flagship cryptocurrency could be on the verge of a year-end rally.

Mati Greenspan, senior market analyst at eToro, has been watching for a bitcoin breakout for some time now, and he said in market commentary that there are early indications that cryptocurrencies will see a “Santa Claus rally” heading into the new year.

“In traditional markets, it’s very common to see a stock rally leading up to the end of the year due to the increased activity in the private sector during the holidays,” he wrote. “It may be too early to say this, after all we’ve only seen very moderate crypto gains this week, but it is very possible that we might see a Santa Claus rally in the crypto markets.”

Greenspan identified the looming Bitcoin Cash hard fork as the catalyst for this rally, noting that the BCH price had exploded in advance of the Nov. 15 fork, which seems likely to split the network into multiple competing versions.

Greenspan tempered his bullish outlook with the qualification that he believes bitcoin needs a strong breakout above its 200-day moving average (DMA), which is currently sitting at $7,068, to truly put the bear trend in its rearview mirror.

Bloomberg reported that bitcoin’s directional movement index (DMI) had entered a bullish phase and that its price trends had broken out of their VERA band upper limit. Moreover, the moving average convergence divergence (MACD) gauge for the Bloomberg Galaxy Crypto Index — which features a heavy BTC weighting — recently entered positive territory for the first time in a month.

https://www.ccn.com/santa-claus-rally-why-bitcoin-is-primed-for-a-christmas-surprise/amp/

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