- It’s Bitcoin’s turn while the Ethereum takes a breather.
- Three weeks of rising have exhausted Ether’s move in the short term.
- XRP remains at $0.37 without the strength to follow the market.
We begin the weekly review of the three main cryptocurrencies of the Crypto board. After several weeks in which Ethereum has been leading the market, Bitcoin takes the baton.
On several occasions, I have expressed the need for Ethereum to play its role as a necessary collaborator to see a bullish market. For now, the leader of the Altcoins has begun to play his part.
The ETH/BTC pair reached the level of 0.041yesterday (price congestion resistance) drawing on the daily chart a figure that is being effective. The direct consequence has been a transfer of capital from Ethereum to Bitcoin that has allowed the King to rise more than 5% yesterday.
BTC/USD Daily Chart
BTC/USD trades at the $4,013 price level after setting a high of $4,005 yesterday. The retracement moves Bitcoin away from the $4,389 level (price congestion resistance), which is the first level to overcome before considering any bullish scenario.
Above this first resistance is the bearish trend line that has governed the market throughout 2018. Exceeding this second price level would place the BTC/USD on the positive side of the trend line, but would not change the overall bearish profile. BTC/USD needs to exceed $5,874 (price congestion resistance and long-term bearish trendline) to consider a general change in trend.
Below the current price, BTC/USD is left with very little help in case strong sales appear. It has only two significant support levels that separate it from entering a free-fall mode. The first support level is at $3,590 (price congestion support). The second support level is at $3,273 (price congestion support and 2018 lows).
Below this level, BTC/USD would go into free fall again and set the course for levels around $2,000.
The MACD in the daily range appears to be slightly bullish. The line spacing has decreased just as we reach the indicator’s zero lines, a typical pattern that should prepare us for increased volatility and a possible bearish rejection scenario.
The DMI in the daily range shows us that the bulls are taking control of the situation. They are above the ADX line and also above the 20 levels of this indicator. The setup is statistically bullish, but I am cautious due to the previous strong bearish trend.
ETH/USD Daily Chart
ETH/USD is currently trading at $153.90, after setting a relative high at $163.74 (price congestion resistance) yesterday. The time to consolidate the 80 % price increase from the 2018 lows has come. In the medium and long-term, ETH/USD continues to be strongly bullish.
Above the current price, the first target is $170(price congestion resistance). The second resistance level is $180 (price congestion resistance). The third resistance level is at $190(price congestion resistance). In the medium term, the critical level to exceed is $260 (price congestion resistance and SMA200).
ETH/USD does not enjoy better support levels than BTC/USD despite that %80 gain from lows.
Below the current price, the first support level is at$142 (price congestion support). The second support level is at $125 (price congestion support). The third level of support is at $95 (price congestion support).
The MACD in the daily range shows a clear exhaustion profile after three consecutive weeks of increases. The bullish slope decreases and is likely to be lost this week. The distance between the lines continues to be substantial, so we should not rule out a significant upward movement.
The DMI in the daily range shows the bulls are at high levels and maintain a safe distance from the bears, that continue to have little confidence in their strength and continue to decrease in intensity.
XRP/USD Daily Chart
The XRP/USD is currently trading at the $0.3684price level. Of the three main players on the Crypto board, Ripple has shown the most weakness in recent weeks. XRP/USD has moved sideways at around $0.37 for over two weeks.
Above the current price, the first resistance level is at $0.3758 (EMA 50), being the only obstacle to the second resistance level at the price level of $0.4129(congestion resistance and SMA100). The third resistance level is at $0.4224 (SMA200), slightly below the long-term bearish trend line passing through the $0.44 price level. Above this price level, we could move from the current bearish scenario to a bullish side one in the medium term.
Below the current price, the first support level is $0.345 (price congestion support). If the XRP/USD were to lose this support level, the drop to the second support level at $0.32 (price congestion support) could be quick. The third support level is $0.297 (price congestion support).
The MACD on the daily chart shows very horizontal lines that are very close together. It is a profile that indicates the lack of strength that the XRP/USD currently has. The positive data comes from the fact that the lines are still above the zero lines.
The DMI in the daily range shows that the bulls command an advantage over the bears, although neither side of the market has changed its trend level in the last week. XRP/USD shows considerable levels of indecision.
Cryptocurrency News Today – Headlines for December 6
- Interests in Bitcoin’s forthcoming halving increases as indicated by Google search trends
- Will the 2020 halving reflect that of 2016 and 2012?
Cryptocurrency News Today – The digital currency space is somewhat depressed in terms of the overall interest at the moment. The second half of this year has been all-bearish, as markets have plunged by 50 percent. General attention also seems to be wearing off. Over the years, the Google search trend is usually a good indicator of what is invoke and what is not. According to recent results, Bitcoin halving has been gaining more interests on a daily basis.
Interest in Bitcoin Halving Increases
Bitcoin (BTC) halving is now just 160 days away, according to the countdown. The forthcoming halving will reduce the block mining reward from 125 BTC to 6.25 BTC and increase the premise of scarcity. Over the years, there has been an enormous bullish market movement before and after the halving. It is due to this speculatory nature that interest in the digital currency is growing and people want to find out more.
Bitcoin (BTC) Price Today – BTC / USD
The masses always pay attention whenever there is a chance to make a quick buck. According to Google Trends, all digital currency-related searches have dropped this year, except one. The forthcoming halving of Bitcoin continues to generate interest and will probably continue doing so for the next six months. “Bitcoin price” searches have pretty much mirrored the price chart itself, surging enormously when BTC hit its year-to-date high in June and dropping as BTC price drops.
Only BTC halving has generated more interest in the second half of this year, and there are a few reasons why. Before the next halving, there are about 289,000 BTCs to be mined. At the current price of BTC, that equals to about $2.1 billion or 1.6 percent of the market cap. At the moment, BTC has a 2.7 percent inflation rate every year. However, that would reduce to 1.8 percent after the halving, which is below the 2 percent target rate of the US FED.
Will 2020 BTC Halving See the Returns of the Bulls?
There have been enormous bull runs after the halvings in 2016 and 2012 and there is no reason for next year’s halving to be any different. The only difference is that the market is extremely bearish at the moment, and the price of BTC is still down by 46 percent from its year-to-date high. This might be part of the huge plan with accumulation intentions at a lower price range prior to the massive post having bull run.
Cryptocurrencies price prediction: Bitcoin, Ripple & Ethereum – European Wrap – 5 December
Bitcoin Price Prediction: BTC/USD recovery stalled at $7,400 – Confluence Detector
BTC/USD is hovering around $7,300 amid expanding volatility. The first digital coin recovered from the intraday low of $7,154, however, the upside is limited bu $7,300-$7,330 area. BTC/USD has gained 1.7% on a day-to-day basis and 1% since the beginning of the day.
Bitcoin confluence levels
Looking technically, there are a lot of barriers both above and below the current price. However, most of them are not strong enough to reverse a trend when it starts. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Ripple price analysis: $0.2200 is a hard nut to crack for XRP/USD bulls
Ripple’s XRP hit $0.2263 on Wednesday amid strong rally on the cryptocurrency market. However, the upside momentum proved to be unsustainable as the coin retreated below $0.2200 and tested $0.2124 low during early Asian hours. At the time of writing, XRP/USD is changing hands at $0.2168, with nearly 1% of gains on a day-to-day basis.
Ethereum Price Analysis: ETH/USD gives back early gains to trade below $146.00
ETH/USD is trading `under $146.00, off the intraday low at $144.03. Despite the sharp movements on Wednesday, December 4, and during early Asian hours on Thursday, the second-largest digital asset has stayed unchanged on a day-to-day basis.
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Cryptocurrency Trade Signals, Charts: Cardano, Ethereum, NEM (XEM), EOS
A ‘random’ news event generated a spike in Bitcoin’s price, elevating it off of a technical condition that would have signaled continued selling pressure. Support may have been established, and new trading opportunities have presented themselves.
The hockey-stick save that the cryptocurrency market got from the $84 million funny-money Tether transfer to OKex generated some significant bullish speculation. And that has translated further into the rest of the cryptocurrency market. The chart above is Cardano’s 4-hour Ichimoku chart. With Cardano able to close the 4-hour candle inside the Cloud, we could see some strong returns higher. Entry at $0.04142 would yield put Cardano into a primary bullish continuation setup: Chikou Span above the candlesticks and in open space and price above the Cloud.
Buy Signal @ $0.04142
Ethereum (ETH) almost experienced a bearish continuation trade setup. Unless something changes between now (1500 EST) and the close of the daily candlestick at 1900, Ethereum will maintain a bullish condition by remaining above the daily Tenkan-Sen. The current daily candlestick is a very, very bullish one: a bullish engulfing candlestick. This daily candle doesn’t just engulf yesterday’s trading range, and it also engulfs Monday’s and Sunday’s price ranges. Adding to this condition is the daily volume; today’s volume is the most substantial daily volume in five days. The RSI is crossing above both of its averages, and the %B has bounced off the 0.2 level pointing higher. A risky entry would be above the high of today, or, another aggressive entry could be entered when price closes above the Kijun-Sen. The most conservative entry would occur when price and the Chikou Span move above the Cloud.
Very aggressive buy signal @ $153.01
Less aggressive buy signal @ $163.14
Conservative buy signal @ $189.40.
NEM has a similar chart setup to Ethereum’s. NEM has its bullish engulfing candlestick with higher volume, but NEM’s daily candlestick is engulfing the price range of the past six days. NEM also has the RSI crossing above its averages and the Composite Index crossing above its slow and fast averages. The entry on NEM is a fairly straight forward one and one that is on par with the rest of the signals we’ve discussed: price and the Chikou Span moving above the Cloud. For NEM, that would occur at roughly $0.04466. No
Buy Signal @ $0.04466
I’m not a huge fan of EOS. It’s decentralized, like the oil industry is decentralized. EOS has been under some tremendous selling pressure throughout 2019, creating new 6-month lows as recently as November 24th. The current daily candlestick has been shifting like Christmas tree lights changing from green to red for the better part of 6 hours. The candlestick is indecisive. I am looking for an aggressive entry above the current day’s high. But I would keep a tight leash on any long trade, the daily RSI and Composite Index do not look favorable for any continued long trade setup. This may be avoided if the aggregate market starts to drive higher.