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Cryptocurrency Market Report (12/30-1/5)

Cryptocurrency Market Report (12/30-1/5)

Market

2019.01.07

This week at the cryptocurrency market. Read to learn about the trends for December 30, 2018 - January 5, 2019.


No major changes

Bitcoin

BTC remained solidly within its current price range throughout the New Years' season with no major movements in either direction. Perhaps this was due to the holiday or the short break in trading. The performance of Bakkt's Bitcoin futures later this month and the SEC's (U.S. Securities and Exchange Commission) decision regarding the Bitcoin ETF next could set the pace for how BTC trends during this new year. If either were to succeed, investors should expect a large influx of investment into cryptocurrency markets and the following positive impact on the market as a whole. According to technical predictions, BTC is set to follow the Ichimoku Cloud along the top of the candlesticks fluctuating between $3,100 - $4,400 for now.

Slight
downward
trend

BitcoinCash

BCH fluctuated steadily, staying within a relatively small price range for the duration of the week. However, volumes decreased. Analyzing the Ichimoku Cloud, BCH is set to follow along the top of the candlesticks, and the possibility of increasing prices is high. Looking at the directional movement index, with the positive directional indicator (+DI) dipping below the negative directional indicator (-DI), the possibility of a minor price drop is also equally as likely. With that in mind, BCH remains trending downward for the short-term.

Slight
downward
trend

BitcoinGold

BTG has remained trending steadily downward since the end of December and through New Year's Day. Trading volumes have also been dropping compared to similar periods in November and December of last year. With BTG moving closer to the resistance level set last year in November, it could either experience a minor drop or continue fluctuating within the current price range should it not approach as expected. Given that neither outcome is positive, BTG's outlook for the coming week is relatively weak.

Trending upward

Ethereum

ETH surged at the beginning of the new year breaking past $150 and getting as high as $160 for a short time. ETH also regained its position as the second largest currency by market capitalization thanks to the bump in growth and overtaking XRP. Should Ethereum-based ICO activity recover to previous levels, more growth can be expected. ETH is currently trending within the Ichimoku Cloud, but breaking above the cloud would fulfill all conditions for positive growth predictions. Simply put: if that happens, it's time to buy. ETH is off to a good start this year.

Slight
downward
trend

Ripple

XRP experienced no significant movements during the first week of the new year and trading has been relatively quiet. XRP may have lost its spot as the second largest currency to ETH, but with the increasing adoption of Ripple payment systems, the company itself is in a rather strong position. Technical predictions have XRP fluctuating within the Ichimoku Cloud or dipping slightly, but no major movements are expected.

No major changes

Litecoin

LTC fluctuated steadily within its current price range throughout most of the week, but a bump of growth during the weekend was enough to push it into the Ichimoku Cloud. Compared to the recent past, this is relatively positive news for LTC, and with its RSI returning to normal, the market can once again feel somewhat optimistic regarding LTC. However, the weekend growth was not enough to break past the September 2018 resistance level, so breaking above the Ichimoku Cloud is predicted to become increasingly difficult. Overall, LTC's week has been average.


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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