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This week at the cryptocurrency market. Read to learn about the trends for January 27 - February 2, 2019.
Cryptocurrencies fell across the board at the beginning of the week, and BTC was no exception. In the wake of the initial drop, BTC recovered slightly and remained within the new, lower price range going into the weekend. This could be the beginning of a long-term, downward trend. With the U.S. government shutdown temporarily stayed, concerns regarding the approval of the Bitcoin ETF have ceased for now. However, the market did not react as positively to the news as predicted, and the gradual swelling of sales in the aftermath is thought to have induced this week's drop. Given that BTC dropping below $3,000 is a real possibility now, investors should be mentally prepared for a potentially weaker BTC in the future.
BCH was also hit by the market-wide drop at the beginning of the week, but it also experienced a sudden surge in growth mid-week. The growth, however, still was not enough to recover from the earlier losses. In following with 2018's year-end developments, BCH is once again dropping, fluctuating, and dropping again. In the same fashion, this week's growth was short-lived, and the current, limited fluctuations will likely continue. Remain wary of another drop after BCH leaves its current price range.
BTG experienced a sudden jump in growth after the initial market-wide drop as well. This jump proved to be temporary as well, however, and BTG continues trending downward with no end in sight. The short-term resistance level set at the end of last December also continues to influence prices further solidifying the trend downward. BTG will likely be constricted between the current price and the short-term support level, and investors should be ready for it to drop as low as $5. These developments have further weakened BTG.
ETH bounced back after the market-wide drop this week, but it was not enough to recover completely. In the recently revised crypto rankings by the Chinese government sponsored CCID (Center for Information and Industry Development), ETH retained its second place standing, but it once again fell to third place in terms of market capitalization dropping behind XRP. An ichimoku analysis predicts that the candlestick heads will be unable to rise above the cloud even though the cloud is shrinking, so significant growth seems unlikely. Overall, ETH has weakened.
No major changes
XRP dropped to September 2018 lows at the beginning of the week but was buoyed by the support level set at that price range. XRP then surged back just as suddenly. The growth was enough to temporary recover from the drop completely. RSI values indicate XRP as slightly oversold, and it could exceed current resistance levels, so XRP is stable.
LTC was struck with the same sudden drop as the rest of the crypto market, but it has gradually been working back towards pre-drop levels. With the growth coinciding with an abnormally small Ichimoku cloud, a long-term change in direction now becomes possible. +DI also temporarily rose above -DI this week furthering positive expectations for LTC. Considering these factors, LTC's overall outlook continues to be optimistic.
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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