Bitcoin Bounce Raises Hopes for a Positive End to a Bullish Year

December 5, 2019, by Interstein N.
Following a positive close for October, Bitcoin saw a sell-off in November, but a bounce in the final week could signal a positive finish for 2019.

Bitcoin Recovers Some Early-Month Losses

After a strong gain in October following bullish blockchain comments from the Chinese Prime Minister, Xi Jinping, the market soured and BTC sold off to lows of $6,600. This had many traders worried that a drop through support levels could bring a depressed end to what has been a good year for cryptocurrencies.

Bitcoin has seen buyers emerge at the lows and is now setting up for a potential monthly close near the $8,00 level. Most importantly for BTC, this close would signal that the market has held support at some key technical levels, including the lows of June, September and October. This could be a sign that buyers are strong around this level and that it will provide a base for the next push forward.

After opening the year around $3850, BTC is still on course for a 100% gain, or better in 2019.

Litecoin Tracks BTC in Absence of News Catalyst

For altcoins such as Litecoin, BTC is leading the market. We see coins tracking the overall market, but they will extend further to the upside or downside depending on news releases that are related to their project development or to the potential for further adoption of the coin.

LTC saw a bullish close in October at $58, however the coin sold off with BTC to a low of around $42. As we approach the last trading day of the month, LTC has the potential to close at $60 and, like BTC, Litecoin would then hold the support level of September and October’s lows. This could see further buying in December and a close at $60 next month would signify a 100% gain for LTC in 2019, after it opened the year at $30.

Summary

Bitcoin was on track for a disappointing November, but the market has since recovered, and this has pulled the other key currencies higher. Most importantly for BTC and LTC, is the support seen at key levels and the potential for a bullish December and a plus 100% gain for 2019. The overall market has still not seen the mass adoption that was expected but over the course of the year we have seen positive signs and developments from some of the world’s major corporations, such as Starbucks, Facebook and JP Morgan, to name only a few. A strong close to the year would set the market up for an exciting 2020.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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