Crypto Frontline

Weekly Crypto Analysis December 2-8, 2019

Weekly Crypto Analysis December 2-8, 2019

Weekly Crypto Analysis December 2-8, 2019
December 01
08:25 2019

 

BTCUSD Coinbase

BTCUSD technical analysis December 2019

Source: tradingview.com

As we’ve anticipated a week ago, Bitcoin bounced off the lows and managed to recover, but encountered resistance around $7,730, one of our resistance levels. We’re on Sunday and thus far the selling seems to intensify, the price currently hovering around the October lows located at $7,320.

The big question now is whether seasonality will act as a tailwind and start to push Bitcoin higher this month. We must also take into account that the price action does not support this view at the present time, given the series of lower lows and lower highs.

If $7,300 will fail, we could see the price continuing lower towards $6,700. That’s where some sort of a double bottom could occur, before Bitcoin starts to jump higher. If the November lows will be breached, then $6,000 is the next major support to watch for a strong rebound.

ETHUSD Kraken

ETHUSD technical analysis December 2019

Source: tradingview.com

The downside channel formation managed to provide support once again for Ether, since the price rebounded after it touched the lower line. However, it seems like the $152 area is where strong selling orders had been parked and the price failed to remain above it.

Looking ahead, if selling will amplify, we could see a new retest of the channel, located around $132, but we think the selloff will be limited. If we look back on how the price reacted to the channel, there are no more than two failed attempts to break below and that already happened during the past week.

Our take is that the buyers will gradually balance the order flow and start to push the price higher, breaking above $152 and aiming to reach the 4h chart 200 moving average again. There’s no absolute certainty about that, but we need to see a break below the channel for strong weakness and that did not happen yet.

XRPUSD Kraken

XRPUSD technical analysis December 2019

Source: tradingview.com

In line with the market’s performance, XRP sold off and reached the 20.5 cents – 22.8 cents key support area which we’ve mentioned plenty of times during the past weeks. The price briefly went below the September lows and then started to recover, but still, it stands inside the support zone, which is a slight sign of weakness.

It will be important to see whether the reaction from the buy-side will be strong enough to push the price outside the support area. If that won’t take place, we could see new lows around 20 cents, an important psychological area.

On the other hand, in case buyers will resume and push the price above our support, then it is very likely we’ll see XRP attempting to climb towards 26 cents, which is where the 4h chart 200 moving average is also located.

Briefings about ICOs

Asure Network is an ICO that will run until December 31 and it represents a scalable decentralized social security network. It enables fast, easy, and secure transactions for generalized smart contracts.

Housinet is another interesting project that will start to raise funds on December 2nd. It is a module driven software that revolutionizes all aspects of the property management industry using the blockchain technology.

 

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