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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: 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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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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Weekly Cryptocurrency markets analysis: November 19 to November 25

Posted on by wiredshut2

The week beginning from November 19 to November 25 was punctuated with a huge dip in prices of most cryptocurrencies. Bitcoin, which seems to influence the price of other cryptos, was down by 36% throughout the week. Analysts have raised concern, this being the worst weekly in five years for the leading cryptocurrencies with regards to market capitalization.

Also, Ethereum, which had curved a niche for itself as the second best rated crypto after Bitcoin took a beating to remain at third.

On Sunday, November 25, prices of major cryptocurrencies took a further dip of around 10% which has not helped matters.

However, despite the negative sentiments from the markets, Bitcoin is set to overtake MasterCard in terms of the volume of transactions per day. This move is welcome as it may build impetus for a bullish momentum.

BTC/USD

The pair took a 36% dip throughout the week. This loss is the worst weekly loss since the second week of April 2013. It also dropped a further 10% on Sunday. The coin opened trading at $5553 and closed at $3520, translating into a 36% loss. Analysts predict that the digital coin may be headed for its worst loss since 2013 where prices nose-dived from $165 to $91, representing a 44% loss.

The $4000 level was breached as prices gravitated downwards to establish a new support level at $3887.

The RSI is at the oversold region (below 30) for the first time since 2015, with coin hodlers looking to dispose of their Bitcoin holdings to avoid raking in losses.

Little buying activity also shows that investors are restraining from buying the ‘dip’.

Both the 30 day and the 9 day moving averages are trending downwards which indicates that the bearish outlook may go on for a while.

XRP/USD

The altcoin solidified its grip as the top rated crypto after Bitcoin. This was due to Ethereum’s woes. The pair hit a high of $ 0.5101 and a low of $ 0.3673 as its stellar performance continued despite taking a loss as was with the case with most other alt coins.

The crypto exchanges that were more active, in volumes, with XRP across various pairs this week were Bitbank (13.37%), ZBG (8.54%) and UpBit (7.61%)

 ETH/USD

Like Bitcoin, Ethereum took a severe dip, with prices pushing downwards. The $100 level was constantly tested although it was not breached. Prices hit a high of $ 177.18 and $110.83 on the lower side.

The exchanges that were more active, in volumes, with ETH across various pairs this week were OKEx (5.18%), BitFinex (5.04%) and CoinBit (4.03%).

Fundamental news throughout the week indicated a secret plan by ETH developers to upgrade ETH’s network. This is to improve the capacities of the technology. CRYPTO IS COMING!

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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?

Weekly Cryptocurrency markets analysis: November 11 to November 18

Posted on by wiredshut2

This week was characterized by fundamental news of: The Bitcoin Cash Fork disagreement which brought the markets down and Ripple overtaking Ethereum to become the second top digital coin by market capitalization. Additionally, there were opposing views from the regulators stemming from the IMF’s advisory opinion to governments that they should set up their own cryptocurrencies. The European Central Bank (ECB) distanced itself from the calls for national cryptos to be set up, terming it an evil scheme.

Bitcoin Cash (BCH/USD)

In the technical analysis, prices of most cryptocurrencies took a sharp drop across most markets chiefly due to the BCH hard fork meant to upgrade and enhance Bitcoin Cash’s protocol. This project initially ‘hard forked’ or otherwise split from the Bitcoin blockchain in August 2017. On November 14, it additionally split in two; BCH ABC and BCH SV. The result is that BCH ABC now has more accumulated proof of work while BCH SV was trading higher on crypto-exchanges. The fork led to a break of the recent stability, with most cryptos taking a 10% drop. Despite taking the beating, some like Ripple (XRP) went through mild recovery after the fork.

Bitcoin (BTC/USD):

The strongest digital coin by market cap veered off from stability following the BCH fork meltdown which saw it lose 10%, breaking the $6000 support level. Throughout the week, the coin hit a high of $6434.21 and the low point of $5358.38. The coin’s performance is a total deviation of pundits’ prediction that the coin would gain in value towards the end of the year. Among them is crypto analyst Tom Lee who had said Bitcoin would hit $25,000 by the end of the year. He however lowered his prediction to $15,000.

Ripple (XRP/USD) overtook ETH in market capitalization

XRP moved to second place as Ethereum took a beating. On the top, this week the prices of XRP were at USD 0.525536 and towards the bottom, it quoted USD 0.430398. Ether prices took a beating and lost its long-standing second place to XRP. Ethereum on the top, this week was at USD 212.62 and were at lows of USD 170.19 breaching the USD 200 mark by distance. The fork downpour in the crypto market and subdued prices over past few months resulted in Ethereum (ETH) losing its second spot to Ripple (XRP). Ethereum’s value plummeted 38.6% in the past three months, dropping its market cap to $18.1 billion. XRP’s value rose 61.1 percent in that same period, pushing its market cap to $20.5 billion. CRYPTO IS COMING!