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Cryptocurrency Market Report (12/9-12/15)

Cryptocurrency Market Report (12/9-12/15)

Market

2018.12.17

This week at the cryptocurrency market. Read to learn about the trends for December 9 - December 15, 2018.


Slight
downward
trend

Bitcoin

BTC has repeatedly fluctuated within a narrow range at the beginning of the week but had temporarily stopped falling in its downward trend. The U.S. Securities and Exchange Commission (SEC) has yet again announced the postponement of its decision regarding the Bitcoin ETF, pushing the absolute final deadline to late February 2019 recently. Given the upcoming decision, investors will need to keep an especially close eye on BTC trends for the next few months. In view of the Bollinger Bands squeeze, BTC will continue its slight trend downward or remain fluctuating within the current price range for now. It may also experience instability afterwards. Hence, more observation is needed.

Slight
downward
trend

BitcoinCash

BCH's large fluctuations had come to an end but remained trending slightly downward ever since. Cryptocurrency exchanges worldwide have mostly considered Bitcoin ABC as the new BCH and started to reopen support for the new currency on their platforms one after another. However, BSV saw a surge in the market and rebounded, overtaking BCH in its market cap. While this will most likely be a temporary occurrence, it shows that the "winner" of the hard fork has yet to be determined. From a technical perspective, the BCH's Bollinger Bands squeeze may result in the continuity of its slight downward trend or a constant fluctuation within the current price range.

Slight
downward
trend

BitcoinGold

BTG is currently fluctuating between lower than market values and had dropped below the low price established during the medium long-term support line in mid-August. While it seems to be accumulating its value throughout the fluctuation process, it may also result in another plummet. Therefore, BTG's outlook remains in a slight downward trend. Regardless of which direction BTG is headed by the end of the fluctuation, many expect a high surge in its prices.

Slight
downward
trend

Ethereum

ETH has been trending low since the beginning of the week. Both the currency and its operating company have been plagued with continuous drop ever since the start of the year. ETH saw a decline of 85% from its highest value, and the company is losing staff to layoffs and competition from other companies. Viewing from a technical perspective, many are unsure whether ETH will continue trending down or improve after the fluctuation in prices have ended. Given the uncertainty in an already not ideal situation, the forecast for ETH remains negative.

No major changes

Ripple

XRP, a currency with an extensive variety of payment options, just added another to its long list of functions: Siri. The iPhone virtual assistant has been developed with a capability to send cryptocurrencies. Given the currency immediate implementation in real world situations, the current low value and volatility may not necessary be a bad thing. From a technical perspective, the 25-day moving average and 75-day moving average had a bearish crossover during the end of November, forming a death cross for XRP and will likely to sink in low price for the meantime. XRP remains as no major changes till the price breaks above the kumo.

Slight
downward
trend

Litecoin

LTC has temporarily stopped tumbling in prices. In view of the Bollinger Bands squeeze, LTC hints a strong stability in its current price range, showing a reliable price movement in the technical analysis and managed bring its drop to a halt. While LTC accumulates its values during the fluctuation, further observance is needed as to whether it will rebound or drop further.


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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