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This week at the cryptocurrency market. Read to learn about the trends for February 17 - February 23, 2019.
No major changes
BTC surpassed the Ichimoku Cloud thanks to significant growth at the beginning of the week. RSI values also indicate the first strong bullish market for BTC in a long time. The recent slew of good news regarding ETH is thought to be the cause of the market-wide growth. However, because the growth was spurred by ETH, whether BTC can maintain it remains to be seen. Furthermore, the Ichimoku Cloud was already small when BTC started trending inside of it, so it is quite possible that it drops below the cloud once again. For these reasons, BTC remains neutral overall.
BCH benefitted from ETH's growth as did the rest of the market. It could not begin trending within the Ichimoku Cloud however, so the strength of BCH's growth has been waning ever since. As the Ichimoku Cloud continues to grow larger, it is difficult to predict further growth in the future.
BTG grew significantly with the rest of the market. This reversal follows a weakening downward trend, and investors are becoming more optimistic. A long-term change in trend is becoming more possible. If BTG continues to slow the downward trend and avoids dipping below the short-term support level set at the beginning of this month, it is fair to say that the worst has passed.
ETH surpassed the Ichimoku Cloud thanks to the week's explosive growth. All indicators also predict growth and display strong buy signals. Two pieces of news are thought to be the cause. First, JP Morgan, a major American financial firm, announced that its JPM Coin would be based on Ethereum's blockchain technology. Second, the United States Futures and Commodities Trading Commission (CFTC) announced that it had received positive feedback regarding possibility of Ethereum futures contracts. So long as ETH does not fall back to the Ichimoku Cloud by the beginning of March, it should maintain the current upward trend for now.
No major changes
XRP was also swept up in the ETH-led growth this week. The scale of XRP's growth was inconsequential however, and it is currently being limited by the Ichimoku Cloud. It is doubtful that this growth continues for long. Predictions indicate that the current trend will remain under the influence of the Ichimoku Cloud resulting in limited growth at best.
LTC is undergoing this year's first period of high values thanks to the market-wide jump. RSI values indicate that investors are also feeling bullish. If LTC can recover to early November 2018 prices (before the BCH hard fork induced market-wide decline), LTC may experience a boom soon after.
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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