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A Look at Holiday Cheer in Cypto – How Long Will it Last?

By 12/19/2018 No Comments


It’s looking like a Merry Christmas…. At least if the past few days are any indication. And if you’re dreaming of a Green Christmas this year, you might not be alone. There’s no shortage of Holiday Cheer as crypto companies gear up for the holidays.

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Coinbase leads holiday festivities with the “Twelve Days of Coinbase.”

Coinbase is leading the festivities with the “Twelve Days of Coinbase.” Every day, the company announces a new addition that makes crypto easier or friendlier to use. Earlier, this month, the company announced new assets for the platform, and also enabled crypto-to-crypto trades without having to go through fiat.

Today, Coinbase announced that it will reopen Earn.com, allowing users to earn cryptocurrency while also learning about it. There are still two days left in the twelve days of Coinbase, so keep your eyes open!

Purse.io Helps You Save on Amazon

Meanwhile, if you’re still struggling with last-minute holiday shopping, there’s an easy way to put your wallet to work.

Purse.io is a service that lets users shop on Amazon with their crypto, for discounts of up to 25%. Essentially, the site coordinates so that shoppers can sell their bitcoin in exchange for Amazon gift cards, which are used to fulfill your shopping list. You can pick your own discount–but the bigger the discount, the longer it takes to fill your order. Speaking of Bitcoin, how long are the green days going to last?

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Bitcoin Riding on Holiday Cheer

While there’s no guarantee, looking at the BTC/USD chart indicates we can see the king of crypto riding a choppy merry wave to reach $4,444. Here’s the reason why this could be a possibility. Looking at the daily chart, the BTC/USD pair bottomed out right at a key support level of $3,169. The reason why this is a big deal is that this level last acted as a support back in September 2017. Once bitcoin bottomed out then, it went on to conquer all-time-highs up to $20,000.

BTC/USD Bottoming Out on Key Support - Could be Forming a Head & Shoulder Bottom

BTC/USD Bottoming Out on Key Support – Could be Forming a Head & Shoulder Bottom

No, I’m not saying this exact thing can happen this time with the same exact pattern. For one, the pair remains below a very bearish Ichimoku cloud. On the bright side, the pair could be in the process of forming a head and shoulder bottom pattern, which is a famous bullish reversal formation studied among technical strategists. The neckline of this formation lies on $4,444.

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Now if the pattern is confirmed and the pair is able to break above the Ichimoku cloud, we may see that massive bullish reversal everyone has been cheering on. But before that happens, you can simply enjoy the current uprun which may just be your gift for Christmas, and leave the rest for next year. With that, now I’d like to turn to you and hear from you. What crypto event would make your holidays merrier? Do you think Bitcoin has bottomed out?   Let me know in the comments, and subscribe to get more updates.

Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.

Invest responsibly,

Kiana

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