Bitcoin’s price correction continues this week as no new updates related to ETF applications are revealed. its strong rally has not been completely ruled out. A surge in its price might be noticeable towards the end of the month as the ETF application window nears in January. 

Liquidation of long positions for Bitcoin and Ethereum continue to spill over to this week which is a cause of concern among analysts.  

The Exponential Moving Average for 10-day EMA indicates “Sell” at 41885 and 200-day EMA indicates “Buy” at 32057. The Simple Moving Average for 10-day SMA indicates “Sell” at 42256 and 200-day SMA indicates “Buy” at 30845.

The Ichimoku Base Line, valued at 40728, continues to be neutral. The Hull Moving Average indicates “Sell” at 41421. The Volume Weighted Moving Average indicates “Sell” at 41824. 

The Relative Strength Index (14) sits at 52, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 33 and the Average Directional Index (14) at 38 indicate a Neutral outlook. 

The MACD Level (12, 26), at 1090, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 2 indicates ‘Neutral’ and William’s Percentage at -83 indicates ‘Neutral’.

As of 10:00 AM, 18th December 2023, on WazirX, Bitcoin’s price is ₹36,50,003, with a 0.74% decrease in the last 24 hours. There was a 3.15% decrease in its price over the last 7 days.

Ethereum (ETH) is trading at ₹1,95,000. There was a increase of 1.27% in the last 24 hours. There was a 3.94% decrease in its price over the last 7 days.

The top gainers on WazirX include Clover Finance(CLV),BOB(Bob), DeXe(DEXE) with price increases of 23.31%, 22.27%, and 16.71%, respectively.

However, the tokens that underperformed comprised DFI.Money(YFII), FunFair(FUN), and Harmony (ONE), with a price decrease of 32.38%, 13.04%, and 12.85%, respectively.

Shiba Inu (SHIB) saw a price decrease of 5.96% and is now priced at ₹0.000899. Dogecoin (DOGE) saw a decrease of 2.77% and is now priced at ₹8.13.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.