Since the end of November when a bearish momentum took over myriad crypto markets, most pairs have been dominated by losses. This is contrary to predictions by crypto experts who had anticipated an upward rally towards the end of the year. The leading cryptocurrency, Bitcoin, continued in its bearish trajectory throughout the week as was the case with other digital currencies in the top twenty bracket according to market capitalization.
BTC/USD
The largest Altcoin by market capitalization began off the week exchanging at $3531 against the dollar and finished at $3238. This represents 8% loss in its value. Throughout the week, the bearish trend tested last week’s support of $4000 and went ahead to breach it. A new support level was set at $3128 as seen in the chart. Resistance on the other hand was established at $3644 which goes to show the hard hitting effect of the bear market.
On the upper side, the highest point reached was $3590 (marked H) and $3128 (marked L). On Friday, December 14, the Relative strength index (RSI) moved into the ‘oversold’ area, signaling weakened investor confidence, perhaps as a result of the nose diving prices.
As of today, the 50 day Moving average is acting as the price setter. Also, the 7 day EMA has crossed over the 21 day EMA which signals a bullish run aimed at market correction may be in the offing.
XRP/USD
Ripple has enjoyed a good run in the markets over the past few weeks to the point of overtaking ETH in market capitalization figures. In the just concluded week, XRP took a loss as was the case with other cryptocurrencies. It began off selling at $0.31725 and closed at 0.29812 which translates to a 6% loss in its value across the week.
The highest point reached was $0.32178 (marked H) and $0.2853 (marked L) on the lower side.
Support lay at $0.285 and resistance at $0.33. In addition, the 7 day moving average acts as the price level at $0.297.
With regards to market activity, the relative Strength Index (RSI) went in to the ‘oversold’ area on Friday, December 14 before skyrocketing to today’s figure at 64.
ETH/USD
Throughout the week, Ethereum lost by 5%, moving from $93 to $88 today. The highest point attained (marked H) was $94.23 and on the lower side, it was $83.17 (marked L).
Support was established at $83 and Resistance at $94. Despite the bearish outlook that dominated the week, a bull run began today with the Relative Strength Index (RSI) sky rocketing to 64. This implies that a bull run might be in the offing. However, the bulls must break out from the range block in place.
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