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Cryptocurrency Market Report (12/16-12/22)

Cryptocurrency Market Report (12/16-12/22)

Market

2018.12.24

This week at the cryptocurrency market. Read to learn about the trends for December 16 - December 22, 2018.


No major changes

Bitcoin

BTC has recovered tremendously from the previous price drops at the beginning of the week, and its growth remained consistent throughout the weekend. It also surpassed the bullish trend line with resistance level set during the rebound at the end of November. There are two possible reasons for the sudden price surge experienced this week: A Christmas Rally (phenomenon experienced by the American stock market when stocks tend to rally during the Christmas season to the New Year's Day) is occurring amongst cryptocurrencies, and the incoming huge amount of investment with investors buying BTC in high volumes despite the bear market. While either remains a possible explanation, there is no way to be certain. BTC would have to surpass the resistance level at $4,400 to sustain the current growth and securing the change in trend. Therefore, BTC remains to have no major changes.

Slight
upward
trend

BitcoinCash

BCH's drastic growth spurred it far past the resistance level set during the rebound at the end of November, albeit a late one as compared to other cryptocurrencies. According to the Ichimoku Cloud, the Lagging Span is located above the top of the candlestick and the Conversion Line and Base Line has overlapped. This is indicative of a positive market position for BCH. However, the Relative Strength Index (RSI) showed that BCH is overbought and therefore, require market adjustments. As an overall view, BCH is doing relatively well.

No major changes

BitcoinGold

BTG has managed to bounce back like many other cryptocurrencies did this week; however, it experienced a minor drop just after reaching the resistance level set at the beginning of November. BTG will remain fluctuating within its current price range for now but awaits to be seen whether the current trend will persist, or will it experience another surge of growth. BTG, therefore, remains neutral. There is a possibility that BTG will suffer a significant drop once its' trend begins to change. Hence, a close monitoring is necessary.

No major changes

Ethereum

Before the minor drop during the weekend, ETH also experienced growth slightly exceeding its resistance level this week. A recent announcement regarding large-scale layoffs at an Ethereum developer studio due to the declining ETH value is said to play a large role in the weekend price drop and have certainly impacted the other Ethereum developers. Despite all, ETH has been showing positive trend lately. Therefore, ETH's outlook remains no major changes till it breaks the resistance at $125.

No major changes

Ripple

XRP has experienced a similar growth to BTG at the beginning of the week before falling back during the weekend. After struggling to break the resistance level set at the beginning of November, XRP remains fluctuating within its current price range. As the upper Cloud is expanding in the Ichimoku analysis, many are expecting to see whether XRP can rise above the level set at $0.40 during the end of November since the previous growth. Therefore, the current outlook for XRP remains no major changes.

No major changes

Litecoin

LTC has experienced a stronger growth as compared to other cryptocurrencies, ending its low price and sideways trend earlier than expected and signaling a possibility of immediate bounce back. Investors are watching closely to see whether LTC will be able to break its resistance level at $35 set during the rebound at the end of November. LTC remains stable as it awaits the next change in trend. One can only hope for a rally that will reverse the losses of the long ongoing downward trend.


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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