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Weekly cryptocurrency Watch: Cryptocurrencies find stability as Investor confidence soar upwards

Posted on by wiredshut2

Summary

This year’s Valentines’ week began on a Bullish momentum for cryptos. It followed an upward trend set on February 8 before taking a slow deep. On Monday, February 11, the Bulls were on top, Bitcoin closing at between $3640 on the lower side and $3660 on the upper side. Despite falling negligibly throughout the week, the Bulls have maintained momentum which has resulted into bolstered investor confidence which has been reflected in the charts today which indicate that cryptos are undersold except Litecoin (LTC).

Bitcoin (BTC/USD)

Bitcoin is up by 2.3% throughout the week, having closed off the previous week at $3588 against today’s $3673. This marks a strong price consolidation above the $3500 mark with investors upbeat that better prices are coming. The previous week’s support level, set at $3359, was tested and breached with the Resistance also getting pushed further upwards.

In the news, there has been a general consensus among industry players that Bitcoin will undergo a price reversal after a Bearish 2018. Firms such as Paxful have pumped in more investments and aid in Bitcoin. This includes investing in Young African leaders by building a Bitcoin funded school.

Forecast

Currently, the RSI (A) is at the undersold area which shows that a Bullish trend is incoming. Also, the 9 day EMA (C) is above the 30 day EMA (B) which supports the upward outlook.

Ethereum (ETH/USD)

Throughout the week, Ethereum has gained by 11.13%. It started the week with an early surge, hitting $124 on Monday on 3 hour charts before dropping by 4% to hit $119 later in the day. It closed the day at $120 and fluctuated on Tuesday. On Wednesday, it ran up to $124 once again, before ending the day at $121.The downward trend continued on Thursday to reach $123 before going through a price reversal. ETH/USD then stabilized and moved upwards steadily as seen between the 9 day EMA (C) and (B) until yesterday, when a late surge saw ETH peak at $126. ETH is currently trading at $128 and retains a market cap of $13.43B.

Forecast

All indicators point towards a Bullish trend in the coming days. The 9 day EMA(C) is above the 30 day EMA(B) and are both upward facing signaling a strong upward momentum.

Litecoin (LTC/USD)

As with Ethereum and Bitcoin, the LTC/USD pair began off on a Bullish trend before dropping slightly then picking up again. Throughout the week, Litecoin has lost 6%. It began off trading at $46.47 and closed selling at $43.6. Despite an overall upward outlook, Litecoin is yet to register an increase in price which has been reflected in its performance at the markets as seen in A (RSI). The RSI is downward facing at the moment which means investors are selling to avoid future losses.

Forecast

Despite a slow performance, all indicators point towards a Bullish outlook. Both EMAs (C and B) are upward facing signaling better prices.

CRYPTO IS COMING!

February Week 1 Cryptocurrency Analysis: BTC, ETH and LTC

Posted on by wiredshut2

Summary

Over the last one week, the various cryptos have gone through both an upward and a downward trend. In the first half of the week, the Bulls had a superior momentum which saw previous support levels upped and resistances tested and breached. Bitcoin is yet to hit the $3500 current psychological price level with the other Altcoins struggling to achieve market correction after a protracted Bearish period.

This week’s focus coins performed as follows:

BTC/USD

Bitcoin began the week on a Bullish momentum which pushed investor sentiments up in the market. As the week came to a close however, Bitcoin dipped by 1.17%. This is after it started the week trading at $3411 against the current rate of $3370 as at February 6th.

Investor sentiments were at a high of 61 in the RSI (A) before dipping to the ‘undersold’ area (at 29) on February 6. Investors fear that a further dip in Bitcoin’s price will lead to losses on their investments and are looking to sell.

Forecast

Currently, the 21 day EMA (B) is above the 7 day EMA (C) which shows that the downward trend will continue in the coming days.

ETH/USD

Throughout the first week of February, Ethereum has gone through a Bull and a Bearish run. On the upper side, ETH hit $110 and $100 on the lower side. This indicates a strong price consolidation despite February 6’s sharp dip in momentum.

Investor sentiments are back on an upward trend as seen in the RSI (A) after going into the ‘undersold’ area. Yesterday’s dip tested and breached the previous support zone but a Bullish momentum is back on.

Forecast

The 7 day moving average (C) is upward-facing and seems set to cross over the 21 day EMA (B) which shows that Ethereum is likely to set off on a Bullish Run in the coming days.

LTC/USD

As with Bitcoin and Ethereum, Litecoin has had mixed fortunes in the market across February Week 1. The chart however shows a Bullish outlook for LTC with all indicators signaling a Bull Run. LTC has gone through a negligible 1% dip in price across the week, having started off the week at $32 against the current rate of $31.2.

February’s Bull Run has seen LTC cross over into the ‘oversold/overbought’ area twice (above 70) as seen in the RSI (A). This shows positive investor sentiments in Litecoin.

Forecast

The 21 day EMA (B) has been dominantly below the 7 day EMA (C) across the week. The tables only turned on February 6 but the 7 day EMA is upward facing which shows that an upward trend is coming. Crypto is coming!

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Interested in more crypto content? Check out February Week 1 Cryptocurrency Analysis: Bitcoin, Ethereum and Litecoin and Why Hedging With Bitcoin Makes Sense Even For Non-Believers

Cryptocurrency Markets weekly analysis: December week 2, 2018

Posted on by wiredshut2

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:

 

Bitcoin (BTC/USD)

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.

Ripple (XRP/USD)

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.

Ethereum (ETH/USD)

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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Interested in more crypto content? Check out As Tether dominance declines, new players emerge and Why are Bitcoin Miners Shorting Bitcoin?