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This week at the cryptocurrency market. Read to learn about the trends for January 20 - January 26, 2019.
No major changes
After breaking above the triangle at the beginning of the week, BTC's growth reversed course and dropped. Since the drop, BTC has been trending along the top of the Ichimoku Cloud and growth remains difficult. Due to the long ongoing US government shutdown, the probability of the Bitcoin ETF's approval is thought to be lower than before assuming that the shutdown does not conflict with the late-February decision. If the ETF were to be rejected, it is sure to have an extremely negative influence on the crypto market and could lead to a long-term downward trend. For now, BTC is predicted to remain within $3,100 and $4,400 regardless of the developments earlier in the week, so overall, BTC is stable for now.
BCH continues experiencing little to no price movements albeit at a low price. BCH has been trending downward since the end of last year and has experienced a notable drop during that time as well. While it is stable for now, reversing this downward trend is looking to be a difficult task. Technical predictions indicate that the Ichimoku leading span A will be flat moving into the beginning of February, so the current trend of low but stable prices will likely continue.
BTG is still cycling between small growths and drops but remains on its overall downward-trending course. However, there are signs that this ongoing pattern could be coming to an end. More observation is required to see whether the changes hinted at occur though. Currently, BTG has surpassed the early November resistance level set during that period of growth and is approaching the resistance level set in late December. While still relatively weak, BTG has improved since last week.
No major changes
After dropping at the beginning of the week, ETH has trended within its current price range. The previously postponed ETH hard fork is now thought to be occurring around February 27th. This will no doubt have major influence on ETH prices, so caution is warranted as the hard fork approaches. According to technical predictions, the shrinking Ichimoku Cloud formed by the ETH candlestick heads shows great potential for incoming growth. However, other growth indicators are not present, so analysts suggest not getting too overeager. Considering all these factors, ETH's overall position remains more-or-less the same.
XRP experienced little to no price movements this week and remains fluctuating within the current price range. As with ETH, the XRP Ichimoku Cloud and candlesticks are showing potential for growth. However, if the current trend were to continue, the stagnant growth could induce investors to sell. These sales could signal other investors to sell as well, so that is where the greatest risk to XRP lies for now.
As with BTC, LTC's separation from its previous trend reversed growth and began the week with a drop. Ever since, however, LTC has been trending positively and has stabilized for now. DMI analysis shows +DI rising above -DI soon, so the possibility of future growth is rising. Because the LTC candlesticks remain within the Ichimoku Cloud as well, LTC is seemingly stronger than before.
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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