- December 6, 2019
- Posted by: icoblock
- Category: Uncategorized
This week Bitcoin attempted to halt the previous bearish trend but failed to advance above the resistance at $7,800. The cryptocurrency has lost a total of 21% over the past month after it plummeted beneath the 100-days and 200-days EMAs in November.
To break higher, we must see Bitcoin rising above the resistance at $7,800. If the bulls are successful in this, further resistance lies at $8,000 and $8,265. Alternatively, if the sellers bring the price below $7,400 and start to push the market lower, we can expect immediate strong support at $7,075 (December low). Beneath that, we can expect the support at $6,790 and $6,520 to hold.
Ethereum suffered a decrease of 5% this week as it fell back beneath $150 to reach $147. ETH remains trapped in a 4-month-long descending price channel, and it will need to break this to see where the next move might be headed to.
From above, the nearest level of resistance lies at $158.60. Above this, resistance is found at $165 and then at the upper boundary of the channel. Conversely, if the sellers push beneath the December support at $145, we can expect support at $133.50 (October support). Beneath this, we can expect support at $128.35 and then the lower boundary of the channel.
Against Bitcoin, Ethereum broke beneath a symmetrical triangle this week, marking the start of a potential downtrend. It is important to note that the Stochastic RSI is in oversold conditions, but the momentum is clearly with the bears right now.
If the selling continues, we can expect strong support at 0.0196 BTC and 0.019 BTC (.618 Fib Retracement and October lows). Beneath this, support lies at 0.01847 BTC. If the bulls regroup, resistance is located at 0.020 BTC, 0.021 BTC (100-days EMA), and 0.02180 BTC (November highs).
XRP may be on the bullish footing after breaking above a descending price channel with the 3% price increase seen today. The cryptocurrency continued to find strong support at $0.2150, allowing it to bounce higher.
From above, strong resistance lies at $0.2345. Above this, resistance is found at $0.25 and $0.27 (100-days EMA and bearish .618 Fib Retracement). Alternatively, if the sellers push the market lower, we can expect support at $0.2150. Beneath this, support lies at $0.21 and $0.20.
Against Bitcoin, XRP continues to trade along with the 3000 SAT level. The cryptocurrency has spiked lower but managed to find strong support at 2900 SAT to bounce back. The Stochastic RSI is primed for a bullish crossover that could send XRP/BTC much higher.
If the bulls manage to increase their presence, we can expect immediate strong resistance at 3200 SAT (100-days EMA). Above this, resistance lies at 3325 SAT (November highs) and 3500 SAT. Toward the downside, initial support is expected at 2900 SAT. (.618 Fib Retracement). Beneath this, support lies at 2850 SAT, 2750 SAT, and 2600 SAT.
Ravencoin has seen an impressive 25% price increase this week as it approaches back to the $0.03 level. It faces resistance at the 100-days EMA, but the bulls are indeed in control over the market momentum. Ravencoin has now moved into the 44th position with a market cap of $145 million.
If the bulls continue above the $0.03 level, added resistance lies at $0.03363 (200-days EMA) and $0.040 (October highs). Alternatively, toward the downside, support lies at $0.025, $0.022, and $0.020 (November support).
Against Bitcoin, Ravencoin faces resistance at the 200-days EMA at 400 SAT. The cryptocurrency was very flat during November, but the latest increase could turn the market bullish in December.
If the bulls can break above 400 SAT, we can expect resistance at 470 SAT (October highs), 525 SAT, and 600 SAT. Toward the downside, support lies at 350 SAT (100-days EMA), 300 SAT, and 270 SAT (October lows).
Matic continues to be one of the strongest performing cryptocurrencies this week after surging by a further 61% to reach the $0.038 level. Matic has continued to climb higher in the rankings as it breaks into the 59th position with a market cap of $100 million.
Matic surged above the previous resistance at $0.035 and continued to climb toward the $0.040 level before dropping. Initial resistance lies at $0.40 and $0.042. Above this, resistance lies at $0.044 and $0.0452 (all-time high). Toward the downside, support lies at $0.037, $0.035, and $0.030.
Against BTC, Matic has also continued to soar. Matic surged above the resistance at 500 SAT to reach the current level of 525 SAT. The momentum is heavily in favor of the bulls. However, the market does look slightly overextended.
Looking ahead, initial resistance lies at 545 SAT. Above this, added resistance is located at 575 SAT, 600 SAT, and 630 SAT. Toward the downside, support lies at 500 SAT, 450 SAT, and 400 SAT.
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