New Delhi
Wednesday, December 11, 2019
TIME: 10:19 am IST
BITCOIN AND CRYPTO CURRENCY REPORT
It is has been nearly a
month since I prepared the last crypto currency report. They have crashed and
recovered also. I am very bullish on crypto currencies for next year and
onwards (2020, 2021 and continuous years). The reason (a) Global politics is
changing, A political front away from United Nations (UN) and NATO will be
formed where the medium of exchange will not the US dollar. Digital currency
and crypto currency will be part of the so called new future new global
political block. (b) Global acceptance of any new investment instrument takes
time. For example. In India’s first commodity exchange MCX was started in
October 2003 and it took over three years to get accepted by the masses. The
same is happening with crypto traders. So nothing to worry. Trading volumes
will rise next year and so will the prices. Bitcoin will not fall to $1000
(against the US dollar) over the coming years. (c) USA presidential elections
and the political filth which comes along with it will result in more and more
people joining the bitcoin or crypto currency community.
Right now and till early
January news will be the key. Trend and momentum is down for almost all crypto
currencies.
|
Crypto Currencies daily technical levels
|
|
|
btc/usd
|
eth/usd
|
bch/usd
|
ltc/usd
|
btc/sgd
|
|
CMP
|
$7,242.60
|
$146.18
|
$206.20
|
$43.93
|
$9,927.80
|
|
S5
|
$5,787.20
|
$137.87
|
$128.67
|
$20.50
|
$8,091.20
|
|
S4
|
$6,136.50
|
$139.86
|
$147.28
|
$26.12
|
$8,531.98
|
|
S3
|
$6,514.90
|
$142.03
|
$167.44
|
$32.22
|
$9,009.50
|
|
S2
|
$6,686.64
|
$143.01
|
$176.58
|
$34.98
|
$9,226.22
|
|
S1
|
$6,899.13
|
$144.22
|
$187.90
|
$38.40
|
$9,494.36
|
|
|
|
|
|
|
|
|
R1
|
$7,586.07
|
$148.14
|
$224.50
|
$49.46
|
$10,361.24
|
|
R2
|
$7,798.56
|
$149.35
|
$235.82
|
$52.88
|
$10,629.38
|
|
R3
|
$7,970.30
|
$150.34
|
$244.97
|
$55.65
|
$10,846.10
|
|
R4
|
$8,348.70
|
$152.50
|
$265.12
|
$61.74
|
$11,323.62
|
|
R5
|
$8,698.00
|
$154.49
|
$283.73
|
$67.36
|
$11,764.40
|
|
|
|
CMP= Current price market price
|
|
ABOVE TECHNICALS ARE ONLY FOR REFERENCE
|
1. BTC/USD: (a) Trend is down as long as btc/usd trades
below $7390.40 with $6438 as price target. (b) In the long term btc/usd needs
to trade over $6000 to be in bullish zone. (c) Only a break of $7390.40 will
result in $8238.80.
2. ETH/USD: (a) It needs to trade over 149.40 to rise to
$168.90 and $179.10. (b) Crash will be 139.10 to $133.60. (c) Key long term
support is at $125.89.
3. BCH/USD: (a) It needs to trade over $211.80 to rise to
$246.70 and more. (b) Crash will be there only below $192.20 to $166.70 and
more.
4. LTC/USD: (a)
It needs to trade over $45.90 to rise to $53.40 and $74.10. (b) Key long term
support is at $30.60.
5. BTC/SGD: (a)
Btc/sgd is the only crpto currency which I will prefer to trade and invest at
current times. (b) Key resistance is at $10125.30. Btc/sgd needs to break and
trade over $10125.30 to rise to $11273.80. (b) Sellers will be there below
$9795. (c) Key long term support is between $8050-$8350.
Insignia Consultants and its team have not invested OR traded
in crypto currencies as it is illegal to trade in India.
Before Investing or trading in crypto currencies: Crypto currencies are unregulated investment or unregulated
trading instruments. Risks are the highest among all investment class.
Disclaimer: Any opinions
as to the commentary, market information, and future direction of prices of
specific currencies, metals, crypto currencies and commodities reflect the
views of the individual analyst, In no event shall Insignia Consultants or its
employees have any liability for any losses incurred in connection with any
decision made, action or inaction taken by any party in reliance upon the
information provided in this material; or in any delays, inaccuracies, errors
in, or omissions of Information. Nothing in
this article is, or should be construed as, investment advice. Prepared by
Chintan Karnani
Further disclaimer (read very carefully)
Trading of Bitcoins is illegal in my country India. The above report is
not meant for resident Indians and Indian corporates. It is meant for traders
or corporates in nations where bitcoin and other crypto currencies have got
legal validity. Insignia Consultants and it employees are not responsible for
illegal trading of crpto currencies and/or nations where crypto currencies do
not have legal validity. Insignia Consultants does not advise on any investment
strategy which is illegal nor does not it recommend people to trade in anything
which is illegal to a nation. The above views are just technical views.
NOTES
TO THE ABOVE REPORT
PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
ALL PRICES ARE IN US DOLLARS UNLESS OTHERWISE
SPECIFIED
Indian Standard Time (IST): +5:30 GMT
Current Market Price (CMP)
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