Crypto Frontline

Weekly Crypto Analysis Dec 31-Jan 6, 2019

Weekly Crypto Analysis Dec 31-Jan 6, 2019

Weekly Crypto Analysis Dec 31-Jan 6, 2019
December 30
10:03 2018

 

Bitcoin

Bitcoin chart analysis

Source: tradingview.com

Unfortunately, Bitcoin did not manage to maintain the same level of strength and the price action started to weaken. The price topped around 4,200 and as we have expected in our last weekly crypto analysis, the area around the 4h chart 200 MA acted as support.

The only positive thing to note is that the downside had not been impulsive, which could mean stronger buyers could emerge around the 3,480 swing point. A strong break below that zone will mean the 2018 lows and probably the 3,000 psychological area will follow then.

On the upside, the buyers will need to break above the current consolidation structure. If such a move will manage to materialize, the next short-term target lies around 4,400. Next week we expect reduced activity thanks to the New Year’s Eve, but things should get back to normal after that.

Ether

Ether chart analysis

Source: tradingview.com

After a nearly 100% surge on the upside, the Ether price action began a choppier phase. Still, we see that buyers managed to rebound after a false break below our 121 support level, communicating that there is still demand the third largest cryptocurrency.

However, given that the selling wave was impulsive we could see some short-term weakness. Stronger support is expected between the 4h chart 200 MA and the 99 level. We think buyers will be able to hold around that area and absorb all the selling pressure.

On the upside, a breakout above a short-term descending trend line will open more room towards the 165 key resistance area. We keep our short to medium term bias tilted to the upside since we are approaching the Ethereum fork, which is expected to generate optimism among crypto enthusiasts.

XRP

XRP chart analysis

Source: tradingview.com

The price action had become choppier in the case of XRP, as well, but so far, we see that the 200 MA acted as strong support, preventing a further drift lower. Since the moving average acted as support twice, we believe buyers will resume if the price action will reach it again.

The downside below the 200 MA is reduced since we also have the 31.8 cents and 31.2 cents support levels very closely. Only a strong breakout below them could further expose the current 2018 lows, located around 27 cents.

On the upside, we see some spikes around 39.4 cents, so we expect selling orders to be parked around that zone. A break above will mean that 43.6 and the current December high will be under pressure. We do not expect any significant break to take place in the following days since activity should be subdued.

Briefings about ICOs

An ICO project which will end its fundraising campaign on December 31st is weBloc. It represents an advertising protocol that tokenizes and connects the conventional digital advertising ecosystem with the blockchain-based advertising ecosystem.

One of the promising ICO projects, which will start raising funds on January 1st, 2019, is HubrisOne. It represents a cryptocurrency wallet and traditional fiat bank account combined into a powerful, intelligent, regulated and compliant mobile application.

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