Bitcoin
Source: tradingview.com
After reaching the 3,500 support, which we have mentioned in our last weekly crypto analysis, the Bitcoin price started to consolidate higher in an upward channel. We already have several points confirming each side of the formation and now the question will be if the buyers will be able to maintain the price action structure and continue to drive the Bitcoin price much higher.
If the channel will hold, we suspect a new leg up will start to unfold, this time heading towards the 4,650-4,750 resistance area, where we can see selling interest emerging not too long ago. We must also not forget the performance Bitcoin had last year in December. Although such gains seem very unlikely this month, we could see a short-term relief rally, given the extreme oversold conditions.
On the other hand, if the channel will be breached on the downside, the 3,500 area might be put under pressure again. Below it, 3,000 is the next significant level to watch.
Ethereum
Source: tradingview.com
Probably the cryptocurrency which provided the greatest amount of disappointment is Ethereum, which currently trades around 114.7$ on the Kraken exchange. During the past week, we see a double test of the 99 support level and then a 20% recovery.
Still, the price action is range bound between 99 and 119.5 and until we see a breakout on either side, it’s difficult to call the dominant direction.
A potential break on the upside will unlock more profit potential towards the 145 resistance in the near-term horizon. Give the current oversold conditions, we have a neutral to bullish bias right now and we expect the break to take place on the upside.
If the 100-99 support area will fail, there’s more downside in play towards the 80 support area. Overall, we expect buyers to rejoin the market on dips.
Tron
Source: tradingview.com
Led by the overall market weakness, the Tron price had reached new all-time lows and unchartered terrain. However, last week we witnessed a strong recovery of more than 60%. That means the market participants thought it was an opportunity to buy Tron at those extremely low levels.
Following the surge, the price action consolidates lower on the Bitfinex exchange, but we think a bottoming formation is underway. Key levels to watch will be 1.3 cents and 1.25 cents, the lather being an important swing point. Any pullbacks lower should be treated as buying opportunities, from our point of view.
On the other hand, if the price will resume the upside, the key resistance area is located around 1.7-1.76 cents. If buyers will manage to break above it, we expect stronger gains to follow in the medium-term horizon.
Briefings about ICOs
According to icohotlist.com, Emanate is a project which raises funds at the present time. Emanate is a self-governing audio exchange protocol, build on the EOS platform. The ICO will run until March 2019.
In terms of upcoming ICOs, Novam is one of the hottest projects online. The token sale will start on December 10th. The project plans to create and AI-driven cybersecurity program for IOT (Internet of Things).
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