A Bullish outlook dominated the various markets in the second week of December. The post fork and post schism of Bitcoin Cash was marked with a slow bearish momentum that was quickly taken over by a Bullish trend. The Bulls maintained that momentum throughout the week with most Altcoins seeing an upward rally meant at market correction as we head to the New Year.
The three largest coins by market capitalization performed as follows in the markets this week:
Throughout the week, Bitcoin gained by 19%, starting off the week trading at $3633 against today’s rate of $4331 at which it is exchanging against the dollar. This is a massive boost, seeing that the coin had dropped from the $6000 mark to $3000 in November. The Bullish momentum has been as a result of improved investor confidence in the cryptocurrency markets.
The upward momentum may be here for longer seeing that the 7 day moving average (C) crossed over the 21 day EMA (B) and is currently above it. Also,both the 7 and the 21 day Moving averages are below the price range, perhaps a representation of the strong Bull run that has engulfed the markets.
In the markets, the pair was engrossed in a flurry of activities.The Relative Strength Index (A) also past the ‘oversold region as people moved to buy.
As we head to the end of the year, the Bull Run seems to have enough momentum to push prices to the $5000 mark.
Since the mid-October period when most Altcoins started a downward trend, Ripple has put up a stellar performance that has seen its value go up rather than decline with that of Bitcoin. This upward rally saw it overtake Ethereum as the second top digital coin by market capitalization.
Ripple gained by 15% throughout the week. The upward trend saw demand for XRP push its Relative Strength Index (A) into the ‘oversold’ region – beyond 70. This represents improved sentiments by coin holders and investors. The upward outlook as seen in both moving averages (B and C), is likely to keep rising.
The Bull Run is in line with predictions by crypto-analysts that cryptos would hit higher highs towards the end of 2018.
As with all other coins this week, Ethereum put up a strong bull run to gain by 54%. It began off the week trading at $97.25 against today’s $150. Support was set at $97.40 and resistance at $158.09. On the upper side, Ethereum traded at $155 and $94.50 on the lower side.
The Bull Run is expected to continue if the Bullish momentum can be sustained.
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