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This week at the cryptocurrency market. Read to learn about the trends for February 10 - February 16, 2019.
BTC had a relatively stable week, unlike last week, with no significant movements in either direction. Many well-known cryptocurrency figures have recently expressed pessimistic views regarding the Bitcoin ETF's approval chances during 2019. Should the Bitcoin ETF be rejected by the SEC (U.S. Securities and Exchange Commission), the bad news will surely cause the market to drop drastically. As for BTC's short-term prospects, prices will likely remain within the current range or drop slightly.
BCH remains within its current price range after a week of insignificant ups and down. With RSI indicating BCH as slightly overbought and the Ichimoku Cloud growing larger, there is no indication that BCH will experience notable growth anytime soon. BCH is also vulnerable to being dragged down by bad news elsewhere in the crypto market such as the possible rejection of the Bitcoin ETF. There is little potential for growth currently.
BTG bounced between $9.80 and $10.20 this week. While the current downward trend is progressing slower than the late December 2018 drop, there are no indicators pointing to potential growth. There is no reason to believe that the current trend will change for now.
ETH exceeded the early November 2018 resistance level after a week of steady growth. With daytime trading trends reaching the Ichimoku Cloud, it lifted the expectation for continuous growth. ETH will grow significantly if it begins trending within the Ichimoku Cloud as all indicators will then be predicting growth. Overall, ETH has a strengthened position.
No major changes
XRP experienced little movement as with many other currencies this week. However, +DI is currently below -DI. With the Ichimoku Cloud getting larger, it is difficult to predict significant growth soon. In addition, ETH's recent growth has XRP dropped to the 3rd place in the market capitalization rankings. Given that the price remains constrained by the Ichimoku Cloud, XRP will likely maintain its current course with no major changes predicted for the coming week.
The week began with a continuation of last week's growth but dropped midweek. Prices have been steadily recovering since the weekend. It is thought that additional growth will be difficult without another reason to continue buying. However, LTC investors are feeling optimistic, so if LTC can return to early November 2018 prices, whatever the reason may be, it could be the beginning of an LTC boom. There is significant potential for growth at the moment.
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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