Bitcoin Looking Similar From May 2018

The current price trajectory of Bitcoin (BTC) is looking quite similar to its trading way back in May and June 2018, based on NewsBTC’s analyst. During that time, it was on its way to a sharp downturn that dragged the cryptocurrency to $3,000.

In addition to that, he indicated that in both circumstances, BTC rejected the horizontal resistance at $9,500. Moreover, the price has found itself stuck in the range of $5,700 to $7,800. Also, the RSI has entered into a ‘bear market zone.’

If history repeats, Bitcoin might find itself going back below $6,000 again. After that, down to $5,000, then maybe under $4,000.

In the analysis of James, it accentuates that the bottom might not yet be in. However, an array of analysts seem to disagree with the statement that a lot of pain is possible to happen.

According to the hypothesize of FilbFilb, a pseudonymous trader, the bottom is in already. In his recent installment of the Decentrader newsletter, he explained a confluence of signs on the chart of Bitcoin. And he procured this through the use of technical analysis.

Moreover, the analyst sees the fact that BTC bounced off the miner’s bottom, the price where it breaks the average when mining it. And this became notable as the crypto market bottomed after BTC interacted with the miner’s bottom last December 2018. Aside from that, the price chart showed an area of so-called bullish divergences at the $6,500 level.

Then, there is a bullish (golden) cross, which formed by the 50-week and 100-week simple moving average. On the other hand, volume and price have sunk in tandem, signaling a bullish reversal.

Bitcoin Price

In the previous report of NewsBTC, Adaptive Capital’s Willy Woo saw the on-chain momentum. This is the famous analyst who has long believed correlated with Bitcoin’s macro price trends. Now, it is crossing into bullish territory following the multi-month downturn.

Also, he insisted that the bottom is most likely in. This means that any move below the $6,500 plunge would be a wick in the macro view. He also stated that the unidentified indicator implies that investors will begin to front-run the impending halving, the block reward reduction taking place in May 2020.

No More BTC for Nordea Bank

Elsewhere on crypto news, Nordea Bank bans its 31,500 employees trading in Bitcoin or other cryptocurrencies. And the bank upheld this on December 2 by a Danish court.

In a press release after the ruling, Nordea Bank pointed out, “Employees are permitted to keep any existing holdings.”

However, they were encouraged to sell them.

Furthermore, Finansforbundet, Denmark’s finance industry union, filed a class-action lawsuit against Nordea’s cryptocurrency prohibition in 2018. They stated that the ban interfered with the personal lives of the employees. It seems like the bank worries that its employees would unwittingly get mixed up with some unethical or criminal activities.

The spokesperson of Nordea Bank stated, “The market for crypto-currencies is unregulated and not transparent. It makes it hard to monitor where the money comes from.”

The bank also added it raises the risk that investors, even their employees, might unwillingly get involved in unethical or illegal activities.