غير مصنف

Weekly Crypto Roundup – Forex News by FX Leaders

[ad_1]

Let’s see how much has changed since the last weekly crypto roundup. I welcome you to this weekly technical analysis series, where I aim to provide an outlook on five of the most relevant cryptocurrencies of the week.

Bitcoin (BITFINEX:BTCUSD)

Daily Chart

Bitcoin’s week was not very spectacular. Ranging between $3660 and the 0.786 fib level, this week’s volatility was as little as eight percent. It seems like BTC has broken the golden pocket zone and is heading towards the support region at around $3000.

If Bitcoin tries to break out to the upside, the 50-day EMA acts as additional resistance at the 0.382 fib level at $3939. While the RSI and MACD give no clear signals, the weekly candle must close above $3660 in order to form a bullish hammer.
Thus, Bitcoin is still likely to find support at $3000-$3300, which could get easily broken this time due to the lack of buyers’ interest and the many bearish arguments that are still in the room. The target of the descending triangle established in early November is still below $3000 and it’s likely that the bottom is not yet found.

Ethereum (BITFINEX:ETHUSD)

Daily Chart

Ethereum had a bearish week and with it currently sitting at the golden pocket zone, it could possibly bounce off to the upside. It finds its next support between $68 and $85 and, due to the bearish momentum, it seems unlikely that it will reach the next resistance any time soon. A rejection by the 50-day EMA seems more likely, which is currently located at $130. The RSI gives no clear signal and the MACD is still indicating bearishness.

Holo (Binance: HOTUSD)

Daily Chart

Holochain is a new open source framework for truly peer-to-peer applications and acts as a bridge between Holochain apps and users by creating an ecosystem that enables distributed hosting services provided by peers.
Holo surged incredibly by 160 percent this week with a strong increase in volume. It recently faced rejection at the $0.00135 resistance and with the RSI being located in overbought regions, a correction seems likely. The next support will be found at $0.00078 where the golden pocket lies as well.

NewEconomyMovement (BITTREX: XEMUSD)

Daily Chart

XEM declined more than 98 percent since its peak. It recently showed a bullish divergence in the daily RSI. With the current decline, the MACD is about to cross bearish. However, the RSI could potentially form another bullish divergence which would be an excellent trading opportunity. It is advised to wait for confirmation.

Total market capitalization (CRYPTOCAP:TOTAL)Daily Chart

In last week’s technical analysis we discovered that the total market capitalization is currently in a bullish falling wedge pattern. While the MACD seems to be about to cross bullishly, it faced rejection at the trendline resistance which could potentially fall down to the trendline support, 35 percent lower than its current valuation.
This week was a rather calm week for the cryptocurrency market. With the ETF by CBOE being withheld, there are not many bullish fundamentals in the short-term. The technical analysis shows a few bullish arguments in the short-term, but overall the bearish trend remains intact. We can conclude that it’s currently more likely that Bitcoin is heading for a new low, dragging the cryptocurrencies’ market further down.



[ad_2]

Source link

اظهر المزيد

مقالات ذات صلة

زر الذهاب إلى الأعلى