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Cryptocurrency Market Report (1/13-1/19)

Cryptocurrency Market Report (1/13-1/19)

Market

2019.01.21

This week at the cryptocurrency market. Read to learn about the trends for January 13 - January 19, 2019.


No major changes

Bitcoin

BTC remains stable albeit at a low price after a week of insignificant ups and downs. With the former COO of CBOE (Chicago Board Options Exchange) and supporter of the Bitcoin ETF giving up on cryptocurrency and joining the computerized bond industry, this will almost certainly have considerable influence on the upcoming decision regarding the aforementioned ETF. Technical predictions suggest that a breakout from the current triangle could result in temporary growth, but the more likely scenario is that BTC continues along the same trend as previous weeks fluctuating between $3,100 and $4,400. Regardless of what happens, major changes are not expected in the upcoming week.

Slight
downward
trend

BitcoinCash

BCH experienced little to no price movement this week and remains fluctuating within the current price range. Investors seem to be losing interest in BCH, however, due to decreasing trading volumes of the currency. Given that the current RSI shows BCH as oversold and the Ichimoku leading span A forms the current resistance level, growth will remain difficult for BCH.

Trending
downward

BitcoinGold

BTG has continued trending downward in both the long term and the short term. Even if BTG were to experience a sudden and significant burst of growth, that growth will more than likely be reversed by the resistance level set during the last notable period of growth at the beginning of November 2018. Until BTG definitively rises above that resistance line, the current downward trend will continue leaving BTG in an unhealthy state.

No major changes

Ethereum

ETH remains trending close to the Ichimoku leading span A after a week of alternating growth and decline. The ETH hard fork "Constantinople" was scheduled for last week, but security vulnerabilities have postponed the process thus far. Reports suggest at least an additional week of preparation before the hard fork. Going into February, the potential patterns to watch for as the Ichimoku Cloud for ETH shrinks is whether ETH trends within the cloud or below it. Based on this movement, more accurate predictions become possible. It is best to remain neutral for now and await more developments.

Slight
downward
trend

Ripple

XRP experienced no significant movement and remains within the same price range as last week. The expansion of XRP's international payments network, however, was significant enough to capture the attention of the American news media. Without the addition of major banks into XRP's growing network, many remain skeptical regarding its continued growth. This pessimistic outlook could be influencing XRP's relatively low value currently. As with BTC, a breakout from the current triangle could result in some short-lived growth, but considering all other outcomes are negative, XRP is comparatively weak as we enter the new week.

No major changes

Litecoin

LTC continues trending within the Ichimoku Cloud after an uneventful week. RSI is average, and DMI, +DI, and -DI are more-or-less overlapping, making the current conditions neutral. As the range of fluctuation shrinks, keep on the lookout for major movement when LTC finally breaks from the current 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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