Crypto Price Analysis

Weekly Cryptocurrency analysis: Bitcoin, Ethereum and Litecoin

This week’s Summary

Over the last week of February 2019, the various Altcoins took a beating, with most of them dipping over the last few days. This is after the week began with bullish momentum before dropping slightly at midweek for cryptos generally. These drops in prices are attributed to price consolidation drives by the various coins. The various coins were coming off a slow bullish rally in which they were unable to break past the previous Resistance zones.

This week, the downward rally continued for most coins. Support zones were tested and breached as well which had an adverse effect on Investor sentiments.

BTC/USD

Bitcoin started off the last week of February 2019 on a bullish trend before nose diving sharply then going up again. In the last few hour however, the largest digital coin by market capitalization has undergone a bearish rally and is now trading at $3698. This is the first time it is trading below the $3700 mark after finding consolidation above the $3500 mark.

Also, the drop in prices throughout the week led to investor sentiments nose diving. At the moment, the RSI (A) is at the ‘oversold’ area signaling the negative investor sentiments in the market.

Prediction

At the moment, the 9 day EMA (B) is facing downwards while the 30 day EMA (C) is above it. This signals a bearish rally in the coming days.

 ETH/USD

Ethereum has gone through the same price pattern as Bitcoin. It began the week on a bullish note and ended on a bearish rally. It has lost by 5.8%. This is after opening the markets at $137 against the current rate of $125. In the markets, the RSI (A) is at the ‘oversold’ area which shows that more and more people are looking to dispose of their holdings to avoid loss.

Prediction

Throughout the week, the 30 day Moving Average (C) was dominantly above the 9 day EMA (B). At the moment, the 9 day EMA is facing downwards, forming a reverse contracting triangular pattern with the former EMA. This signals a bearish run in the coming days.

LTC/USD

The LTC/USD pair brushed off the bearish rally that befell other cryptos to register an uptrend of 1%. It began the week trading at $45.3 and is now at $45.9. This upward movement pushed investor sentiments upwards as can be seen in the RSI (A) before it dipped with a dip in prices.

Forecast

The bullish momentum in the markets pushed the previous support level from $43 to $44 while Resistance was tested and breached severally.

At the moment, however, the 30 day EMA (B) has crossed above the 9 day EMA (C) which signals a drop in prices in the near future.

Weekly Cryptocurrency watch: Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH)

Summary

Throughout this past week, there has been a stellar performance for the various cryptos. This pumped up investor sentiments in the markets with most investors unwilling to sell. The various coins had a high Relative Strength Index (RSI). During the weekend however, a considerable drop occurred which painted the various candlesticks red. Throughout the week, the various coins performed as follows:

Bitcoin (BTC/USD)

On three hour charts, Bitcoin is up by 3% throughout the last week. This is after it began the week selling at $3625 and is now at $3781. Despite a short term bearish outlook, Bitcoin has put up a general bullish momentum over the long term. BTC/USD dropped sharply yesterday, falling from $4132 to $3795. This is perhaps expected considering that the pair tends to perform poorly on weekends.

Once the pair hit the $4000 mark on Saturday, February 24, the RSI (A) shot into the ‘undersold’ area signaling growing optimism in BTC from investors.

Forecast

Throughout the week, the 9 day EMA (B) was above the 30 day EMA (C) apart from over the weekend. The RSI (B) has also dropped significantly. This shows that there may be a bearish outlook in the short term.

Litecoin (LTC/USD)

The LTC/USD pair started off the week selling at $43.43 and is currently at $44.78. This translates to a 2.3% gain in its value. This bullish performance was reflected in the markets where there were reduced sale offs as seen in the RSI (A). The RSI was dominantly in the ‘undersold’ area before it dropped over the weekend.

Forecast

Despite the bullish performance displayed by LTC/USD throughout the week, there seems to be a bearish outlook incoming. The 30 day EMA (B) crossed over the 9 day EMA (C) which shows that the p[rice of LTC may drop in the coming days.

Ethereum (ETH/USD)

Ethereum began the week selling at $132.25 and closed at $137.32. This marks a 4.7% increase in its value. Consequently, investor confidence in Ethereum has maintained with the RSI (C) spending most of the week in the ‘undersold’ area.

Forecast

Throughout the week, the 30 day EMA (A) was tending towards the 9 day EMA (B) in a reverse contracting triangular pattern before crossing over on top. This shows that a bearish outlook is likely in the coming days.

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Weekly Crypto-analysis: November 5th to November 11th

In the week starting from November 5th to November 11th, most cryptocurrencies showed green on price analysis charts. Market stability was witnessed across the top twenty cryptocurrencies with prices starting to gain a bullish momentum albeit slowly. Prices are rallying towards the higher highs as the year comes to a close as several pundits have implored. Venture Capital investor Tim Draper affirmed his belief that the price of the leading cryptocurrency, Bitcoin, will hit the $250,000 mark by 2022.
The upcoming Bitcoin Cash Fork on November 15 was perhaps the highlight of the week with opinions divided over its future. The hard fork occurs twice per year for protocol upgrades. This year is unique however, with opinions divided over the coin’s future with regards to increasing its block size. Two competing chains have increased the buzz around the scheduled Hard Fork hence its prices in the markets.

Ethereum (ETH)

Ether prices, on the top, this week were at $221.65 and on the lower side, they were at $206.57.The digital coin found support at the $200 mark and resistance at around $230. The exchanges that were more active, in volumes, with ETH across various pairs this week were OEX (7.13%), BitForex (3.73%) and LBank (3.56%)
Among news surrounding Ethereum, Erik Voorhees-CEO of ShapeShift said in an interview that Ethereum [ETH] is now doing better because Vitalik is involved. Vitalik Buterin earlier indicated that Ethereum’s hundred times upgrade is ‘not far away.’

Bitcoin (BTC)

The stability of Bitcoin continues this week as well as it was up just around 0.34% this week. The Relative Strength Index (RSI) remained in the stable zone indicating increased stability with experts arguing that it is the calm before an upward shoot.
Prices hit a high of $6,552.16 and on the lower side, a point of USD 6,363.62 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, Bithumb (10.51%), Coinbit (9.23%), CoinBene (3.74%)

Ripple (XRP)

The pair hit USD 0.560547at the top and the lowest point was $O.460769. Across the markets, exchanges that were more active in trading volume this week were ZB.COM at 12.84%, Bitbank at 11.07% and ZBG at 9.45%.

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Cryptocurrency markets weekly update: October 29 to November 4

The top 20 cryptocurrencies have today been on a bullish trajectory with most candles turning green.  Monero and Dash had the biggest percentage gains, standing at 4.26% and 6.85% respectively. Additionally, the BTC/USD recovered from last week’s slump. The pair saw an upward surge over the last 24 hours, gaining about 0.05. The total market capitalization stood at $209 Billion at the time of writing, with Bitcoin dominating the market at $109 Billion which translates to about 53% market dominance.

On price analysis charts, the Relative Strength Indicator for most cryptos showed a strong bullish momentum with trading activity increasing before dipping slowly this morning. The slow dip can be attributed to an imminent deadline set by the U.S. Securities and Exchange Commission (SEC) on 9 ETFs to file submissions against an earlier rejection by the same body. Owing to this, traders stood back awaiting SEC’s decision which could have the ripple effect of shifting crypto prices upwards or downwards or generally affecting the market.

BTC/USD

Bitcoin’s stability subsided throughout the week. A small dip of around 2% was recorded with RSI at the stable zone. A high of $6548 and a low of $6307 was recorded throughout the week. The exchange market was active with BTC exchanges Bithumb, BitMEX and CoinBene dominating at 10.3%, 7.1% and 3.1% respectively.

Chart indicating various cryptos’ performance throughout the week

XRP/USD

Among the top cryptos, Ripple recorded the least loss. Prices reached a high of USD 0.46 and a low of USD 0.43 indicating continued periods of stability. Ripple also recorded a high trading volume indicating low volatility in the market. Exchanges continued to trade in high volumes with ZB.COM dominating the market with 27.3% of the trades. Bithumb and Bitbank commanded 6.8% and 7.3% of the XRP/USD market respectively.

ETH/USD

The ETH/USD pair hit a high of $205 and a low of $195 seeming to test the $200 support. Coinbit dominated the market, commanding 5.4% of the trading volume. This week, news from a Maryland University research indicated that a lack of diversity of ETH smart contracts poses a threat to the Ehereum blockchain ecosystem.

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