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This week at the cryptocurrency market. Read to learn about the trends for November 25 - December 1, 2018.
BTC has experienced a third major drop close to $3600 at its lowest point on record at the start of the week. Fortunately, the price rallied back midweek and returned to the price level established last week. Since then, BTC has continued to fluctuate in amount and direction. Some suspected that BTC could drop as low as $3000, and should it fail to stop there, it may fall to $1200. Others had a contrary opinion and thought the weak market will likely turn sometime around next year. Whichever it may be, BTC's price prediction has certainly gotten more complicated. From a technical perspective, the three criteria for a bearish signal are met in the Ichimoku Cloud chart, as such producing a strong sell signal that leads to the prices going in slight downward trend.
BCH, as compared to other cryptocurrencies, saw no significant growth and continues to trend downward this week. The decline in price at the beginning of the week had little impact on how BCH was trending overall. The American class-action lawsuit regarding insider BCH trading has reflected negatively on the entire crypto market. From a technical viewpoint, the Ichimoku Cloud chart has indicated a persisting low price and strong sell signal. BCH, therefore, will remain in trending slightly downward.
No major changes
The price drop at the beginning of the week had minimum impact on BTG, however, it has been experiencing a low price since the plummet on 20th and 21st of November. Further observance is therefore necessary for BTG. Although there was a temporal decrease in BTG's volume, it recovered shortly. BTG will remain to have no major changes till the answer to whether BTG will dip below the support line established in the start of September is known.
Ethereum recently announced their plans for a major platform upgrade in mid-2019. Despite struggling with low prices for quite some time now, its developers still stand firm in dedicating to improving the networks and technologies that power it. ETH is currently at the price level during May 2017, moving in a slight downward trend. If the trend continues, ETH could drop to the $50 price range. Many are expecting the good market news and possible increase of prices the enhanced technology could bring in the near future.
No major changes
Cory Johnson, Ripple's chief market strategist, recently claimed that XRP is the more preferred and more practical to buy crypto as compared to BTC. True enough, Ripple has been forming numerous partnerships with businesses and financial institutions, and it currently ranks second in crypto market capitalization, surpassing ETH in influence amongst the cryptocurrency sector. From the technical point of view, XRP hints a possible growth when the cloud gets thinner in December, however, dropping to the standards in September this year if it moves in a continuous downward trend from now on. Therefore, XRP is predicted to have no major changes until further observance.
LTC is no longer walking the Bollinger band and its prices should stabilize at the current price range for now. Should LTC drop below current price levels and dip below the $30 support line, it could easily drop further to $20.
The information posted in the Cryptocurrency Market Report is for informational purposes only, and is not intended to be any solicitation for investment. This report was created based on sources deemed reliable at the time of edit. Bitwallet is not responsible and does not guarantee the accuracy, completeness or timeliness of the content and information. Investors must exercise their own independent judgment when making any investment decisions.
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