X

Hey folks, big news. We’ve launched a new product to auto-invest your spare change in Crypto when you make everyday purchases. Head over to RoundlyX.com and check it out now.

Go

Is this the 2018 Bear Market Capitulatory Flush?

The crypto market is selling off. We are now searching for a new bottom in Bitcoin and by extension the entire Crypto market.

 

We think this low volatility is signaling a bottom, but if the key $5800 level is breached on Bitcoin (the market leader) then there will be more pain ahead. Luckily for the bulls that seems unlikely as the fundamental story continues to improve on a weekly basis.- Coin Savage Weekly Update (11.13.18)

 

The key support level at $5800 was breached. Then the next level at $4900 was breached. Early this morning Bitcoin bounced higher off $4200, this level represents longer term support.

 

If Bitcoin can push above $4900 by the end of today then this would represent a capitulatory reversal, and signal the final end of the 2018 Bear market.

 

Bull markets die in parabolic moves higher. Bear markets die in capitulatory flushes lower.

Bitcoin (BTC):

2018 crypto bear market
Currently at $4675. Support at $5800 was breached and led to huge panic selling. Then support at $4900 was breached. $4200 is long term support and held its first test. Bitcoin must reclaim $4900 or risk a retest of the $4200 level. If $4200 doesn’t hold, then $3000 is the next support level.

Ethereum (ETH):

eth chart
Currently at $141. Support at $160 was breached. Long term support is now $97. Reclaiming $160 is bullish.

XRP (XRP):

xrp chart
Held up extremely well during the sell off… this is bullish. Currently at 44 cents USD. Strong support at 40 cents USD.

Recent fundamental developments:

Bakkt Set to Launch
Morgan Stanley Report Says Crypto Now an Institutional Asset Class
Despite previous bans, Chinese Courts are now protecting crypto holders.
Coinbase is now a Qualified Custodian
Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies.
Yale University Endowment invested in crypto.
Insurance infrastructure has come to crypto. Big win for the asset class.