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Cryptocurrency Market Report (12/2-12/8)

Cryptocurrency Market Report (12/2-12/8)

Market

2018.12.10

This week at the cryptocurrency market. Read to learn about the trends for December 2 - December 8, 2018.


Slight
downward
trend

Bitcoin

BTC has been stuck in its price slump since the start of the week and faced a downward run when it had broken through a short-term support line. At the end of November, it was reported that American Bitcoin ETF proponents made another presentation to the SEC (US Securities and Exchange Commision). However, the SEC chairman has still not made any formal announcements regarding the approval of the ETF and retains his cautious approach to cryptocurrency. BTC prices are technically in a Bollinger Band squeeze and are moving in a short range. As there is a possibility that BTC may dip below the $3,000 support level after it moves out of the squeeze, its outlook remains slightly negative.

Slight
downward
trend

BitcoinCash

BCH had multiple minor drops within the week and showed no signs of recovery any time soon. However, as major crypto exchanges worldwide have publicly expressed support and slowly began resuming BCH transactions, the one massive decline BCH has suffered may be viewed positively. From a technical perspective, BCH volume is likely to fall as there is a high possibility that the short-term drop in price will continue. Therefore, BCH remains trending in slight downward till factors that will assist in the trend change appear.

Slight
downward
trend

BitcoinGold

BTG has experienced similar minor drops this week, dipping below support levels with the low reached in early-September. It is facing a challenging state as more major slumps are expected to happen, BTC will likely to continue trending in slight downward.

Slight
downward
trend

Ethereum

Ethereum founder Vitalik Buretin emphasised cryptocurrency's practical usability rather than its speculative value in a recent interview. As a real-world example, a Swiss food manufacturer announced its plans to utilize Ethereum's blockchain technology to track seafood products worldwide. This newly uncovered use of technology executed in the non-digital community helps to bring a positive light for the cryptocurrency markets. ETH is currently experiencing the small drop in prices along with other cryptocurrencies and the prediction showed no indication of ETH exceeding its long-term resistance line. Thus, ETH will remain trending downward as of now.

No major changes

Ripple

Ripple spoke widely about the possibilities for XRP by diving into Southeast Asia to relief and simplify international payment procedures currently dominant there. It could be said that Ripple's investments in developing its market in Southeast Asia has landed them on second-place spot in market capitalization ranking. Although, XRP has been experiencing the drops this week, it is expected to rebound as the Ichimoku Cloud for December gets thinner. Therefore, XRP remains to have no major changes.

Trending
downward

Litecoin

LTC has continued its long trending downward path but has caught the market by surprise as it was not equally affected as the other cryptocurrencies after the drop. LTC was able to rebound, however, it was far too insignificant to change its overall trend. The Growth may bring the trend to move upwards or it may result in persistent low price. Therefore, further observation is required.


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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