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Weekly cryptocurrency analysis: January 2019, week 1

Posted on by wiredshut2

As a new year for cryptos begins, there has been a general Bull Run in the top twenty cryptos especially as well as across the board. The Bullish trend is perhaps the market’s attempts at correction after bearish wave that hit the markets since November 2018.

Throughout the first week of the year, most of the coins in the top twenty category according to market capitalization saw green on price analysis charts as investor confidence continued improving in the post fork period. The week was also punctuated with news that Ethereum was on its way to regaining its position as the second top crypto in terms of market capitalization after Bitcoin. This position had been taken by Ripple after ETH’s poor showing in the markets during the 4th Quarter of 2018.

BTC/USD

Bitcoin is selling at $4153 today, up from $3832 at which it was exchanging against the dollar at the turn of the year (January 1). This represents an 8% increase with the Bull Run expected to continue seeing that the 7 day EMA (marked C) is above the 21 day EMA (marked B) and the former is currently acting as the price determinant.

Throughout the week for Bitcoin, there was a robust Bull Run albeit with few Bearish moments. This saw the most popular digital coin hit a new high of $4218 on January 6. On the other hand, Bitcoin hit a low of $3788.

The good run experienced by Bitcoin in the markets was also reverberated in its Relative Strength Index as seen in point A. The RSI moved slightly into the ‘undersold’ area on January 6. This goes to show that investor sentiments are high in the coin which might have the effect of pushing its value further up.

ETH/USD

After a turmoil-filled 2018 for Ethereum, 2019 looks promising as ETH is being poised to overtake XRP crypto-rating. Throughout the first week of 2019, investor confidence grew tenfold as the RSI (marked A) kept pushing into the ‘undersold’ area (Beyond 70). This, coupled with a 16% gain it experienced throughout the week, pushed investor confidence upwards.

Also, the 7 day EMA (C) was above the 21 day EMA (B) for most parts of the week which signals a strong Bull Run. At the moment, ETH ($16.3 Million) has surpassed XRP ($15.9 Million) in capitalization.

XRP/USD

Throughout the week, Ripple was up by 3.7%, coming from $0.36131 on January 1 to $0.37467 today. Ripple’s Bull Run was however not enough to help it beat off competition from Ethereum in the markets as it was finally overtaken in market cap ratings as explained above.

As seen in point A, investor confidence tested the ‘oversold’ region but did not cross over. At the moment, the 7 day EMA (Marked B), is acting as the price support and was dominantly above the 21 day EMA (marked C). This signals that the Bullish trend might be here for longer. CRYPTO IS COMING!

Cryptocurrency markets weekly analysis

Posted on by wiredshut2

The week starting November 26 and ending on December 3 was punctuated with attempts by most altcoins to regain stability. This is following a tumultuous BCH hard fork that had the effect of pushing prices down across the board. Most top cryptos were shaky throughout the week, with investors holding back on their investments as they await market stability.

Bitcoin (BTC)

Summary

  • Despite a bearish trend, prices have seen a rise.
  • Prices gained by 4.2% throughout the week, from $3936 on November 26 to today’s $4102.
  • Support was at $3800 and Resistance at $4400.

The leading cryptocurrency by market cap was punctuated with attempts at market correction over the course of last week. That was after it had lost close to 17% of its value to the BCH hard fork. For most of last week, it was trying to gain stability, with the 7 Day EMA setting the price as seen in the chart.

Throughout the week, prices hit a high of $4414 and a low of $3731, the lowest it has sunk in a long time. This goes to show how hard hit cryptocurrencies were hit by the fork. Throughout the week, support held at the $4000 mark despite Southside rallies that attempted to break the support into the $3000, mark. Also, selling activity decreased, albeit slowly as seen in point B (RSI) indicating improved investor confidence in the coin.

As the week progressed, the 21 day EMA crossed over the 7 day EMA, signaling a bearish momentum as seen in point A. today however, the 7 day EMA crossed over the 21 day EMA indicating that a bullish momentum could be in the offing.

Ethereum (ETH)

Summary

  • Dominated by a bearish trend.
  • Support was set at $105 and Resistance at $125 throughout the week.
  • Despite the bearish trend, the altcoin gained by 0.87%, moving from $114 last Monday to today’s $115.

Despite being engulfed by a bearish trend, Ethereum was able to gain albeit negligibly. It hit a high of $125 (Point A) and a low of $112 throughout the week. Additionally, investor confidence in the coin grew as seen in the Relative Strength Index (RSI) in point B. The RSI moved from the ‘oversold’ area where it was last week to clock above 30.

Throughout the week, the 21 day EMA was above the 7 day EMA, indicating the coin’s recent poor performance that saw Ripple (XRP) overtake it in market capitalization.

Ripple (XRP)

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