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Cryptocurrency Market Report (12/23-12/29)

Cryptocurrency Market Report (12/23-12/29)

Market

2018.12.31

This week at the cryptocurrency market. Read to learn about the trends for December 23 - December 29, 2018.


No major changes

Bitcoin

BTC surpassed $4,200 but failed to climb to the resistance level at $4,400 during the sudden surge at the beginning of the week. Once the growth halted, BTC started declining as it was unable to breach the Cloud resistance as depicted in the Ichimoku analysis. There was limited growth in prices even though it rebounded in the weekend. International investment firms have predicted that BTC will continue its long-term downward trend with no end in sight. The already complex cryptocurrency market has gotten even more opaque for many investors. Given that BTC did not exceed its resistance level during this week's period of growth, it will likely remain fluctuating between $3,100 and $4,400 in the meantime.

No major changes

BitcoinCash

BCH did not experience the same sudden surges of growth that other currencies saw at the beginning of the week. Looking at the directional movement index (DMI), the average directional index (ADX) is greater than both the positive and negative directional indexes (DI) and is trending downward. This pattern likely signals the end of the upward trend for BCH. With the Ichimoku Cloud thickening through mid-January, it is highly possible that there will be limited price rise for BCH. It remains to be seen how BCH will trend moving forward.

No major changes

BitcoinGold

BTG also experienced some growth at the beginning of the week, but that growth failed to reach recent highs. Excluding the last-minute growth during the weekend, BTG has gradually slumped since. Failing to break the resistance level set during the last major period of growth in the end of November makes it more difficult to believe that BTG is experiencing a significant change in trend direction. Until a distinctive trend is defined, BTG is looking to fluctuate within its current price range remaining stable but unchanged overall.

No major changes

Ethereum

ETH experienced significant growth at the beginning of the week breaching the Cloud resistance in its daily Ichimoku analysis. It successfully broke past $125 and peaked at approximately $150. Based on how ETH was trending, all signals seemed to be pointing towards the arrival of a buyer's market. However, soon after, the cloud pushed back and sent ETH into a fall that eliminated most of the week's gains. ETH has been trending along the hovering cloud since then. Considering the current conditions, ETH is predicted to trend with the leading span formed as the resistance line and the $80 low price set during the middle of the month as the support line for the near-future. No major changes are expected.

Slight
downward
trend

Ripple

XRP followed the same growth pattern that ETH experienced this week: strong growth at the beginning of the week, along with a break into the Ichimoku Cloud and lastly, hinting a strong incoming positive trend. In a similar fashion to ETH, XRP's positive predictors were short-lived as the cloud pushed back and sent XRP dropping. The short spurt of growth during the weekend was far from useful and XRP has yet to begin trending positively. This week of ups and downs has been hard for investors seeking stability, and with the Ichimoku Cloud thickening, it is fair to say that it has been a rough week for XRP.

Slight
downward
trend

Litecoin

LTC exceeded its $35 resistance level thanks to growth at the beginning of the week. That growth, however, was short-lived as LTC fell victim to the same slump experienced by other currencies towards the end of the week. LTC's relative strength index (RSI) also shows that its slightly overbought and hence, hinting a strong possibility of further decline in prices. Given the conditions, it is difficult to be optimistic about LTC this week. Judging from the resistance and support levels set during the low period in November, a long-term downward trend is also a possibility.


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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