Bitcoin attempted to regain some of the losses from this month as it increased by a small 1.26% this week. The cryptocurrency remained supported at ,123 and even spiked higher to meet the December resistance at the ,886 level. Bitcoin is now trapped within a range between ,686 and ,123 and must break this range to dictate the next market direction.If the bulls defend the support at ,123 and start pushing higher, initial resistance lies at ,400 and ,686 (bearish .382 Fib Retracement). Above this, resistance lies at ,051 (bearish .5 Fib Retracement and 100-days EMA), and ,256 (200-days EMA). Alternatively, if the sellers push beneath the support at ,123, support lies at ,000. Beneath this, additional support is found at ,790, ,600 and ,423.Ethereum continues to
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Yaz Sheikh considers the following as important: Market Updates, Price Analysis
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Bitcoin attempted to regain some of the losses from this month as it increased by a small 1.26% this week. The cryptocurrency remained supported at $7,123 and even spiked higher to meet the December resistance at the $7,886 level. Bitcoin is now trapped within a range between $7,686 and $7,123 and must break this range to dictate the next market direction.
If the bulls defend the support at $7,123 and start pushing higher, initial resistance lies at $7,400 and $7,686 (bearish .382 Fib Retracement). Above this, resistance lies at $8,051 (bearish .5 Fib Retracement and 100-days EMA), and $8,256 (200-days EMA). Alternatively, if the sellers push beneath the support at $7,123, support lies at $7,000. Beneath this, additional support is found at $6,790, $6,600 and $6,423.
Ethereum continues to struggle this week as it dropped by a slight 2% to bring the price for the coin down to $125. ETH has now witnessed a steep 16% price fall this month as it continues to trade within a long term descending price channel. The cryptocurrency is struggling to break resistance at $133.50 and must overcome here to travel higher.
Looking ahead, if the sellers push ETH back beneath $125, initial support lies at $120. Beneath this, support is located at $118.19, the lower boundary of the channel, and then at $116.23. Alternatively, if the buyers regroup and start to push higher, resistance is located at $133.50. Above this, resistance lies at $145, $152, and $160.
Against Bitcoin, ETH tumbled further beneath 0.0176 BTC and continued to drop into lower support at 0.0171 BTC (.886 Fibonacci Retracement level). The bulls have defended this area, but the momentum remains in favor of the bears at this moment. If ETH were to drop beneath here, the market would resume its bearish trend.
Initial support beneath 0.0171 BTC lies at 0.017 BTC. Beneath this, support is found at 0.0164 BTC and 0.016 BTC. On the other hand, if the buyers hold the support at 0.0171 BTC and start to rebound, resistance lies at 0.0176 BTC and 0.018 BTC. Above this, resistance can be found at 0.01847 BTC and 0.019 BTC.
This week saw XRP finding a period of stabilization as the cryptocurrency received strong support at the $0.1850 level. It is now trapped within a range between $0.1850 and $0.20 and must break beyond this to dictate the next direction for the project.
If the buyers defend the support at $0.1850 and push higher, an initial resistance is located at $0.20. Above this, higher resistance lies at $0.2120, $0.2830, and $0.2345. On the other hand, if the sellers break beneath the support at $0.1850, then support is located at $0.18. Beneath this, additional support is found at $0.17 and $0.167.
Against BTC, XRP attempted to rebound from the 2600 SAT support but was unable to break above the resistance at 2750 SAT. XRP went on to roll over and has returned to the support at 2600 SAT as it moves sideways along this level.
Looking ahead, if the bulls manage to regroup from here and push higher, resistance is expected at 2750 SAT. Above this, resistance lies at 2800 SAT, 2900 SAT, and 3000 SAT. Alternatively, if the sellers break back beneath the support at 2600 SAT, additional support is found at 2530 SAT, 2455 SAT, and 2400 SAT.
Dash has seen a very turbulent period of trading during December after the cryptocurrency dropped by a steep 24% to reach the current $37.70 trading price. It has suffered further during the previous few months after falling by a steep 45% over the past three months. The cryptocurrency is trapped within a steep descending price channel and must break above here to turn bullish.
If the sellers push Dash beneath the support at $37.71, initial support lies at $35 and the lower boundary of the channel. Beneath this, additional support lies at $30, $38, and $23. On the other hand, if the bulls defend the $37.71 support and rebound, resistance lies at $44.50 and $50. Above $50, resistance lies at $59.20 and $65.
Against Bitcoin, Dash has been pretty disastrous. It dropped beneath the support at 0.007 BTC this month, allowing it to fall further lower into the current 0.0054 BTC support level. The momentum is well within the favor of the sellers, and Dash must rise back above 0.08 BTC for any hope of recovery.
If the selling continues to push Dash lower, support can be expected at 0.0051 BTC and 0.0050 BTC. Beneath this, support lies at 0.0049 BTC and 0.0045 BTC. On the other hand, if the bulls regroup and push higher, resistance lies at 0.006 BTC, 0.007 BTC, and 0.008 BTC.
Cosmos has seen a pretty handsome 28% price surge this week, allowing the cryptocurrency to increase to $4.56. It has risen by a further 6% this week, making Cosmos the strongest performing cryptocurrency out of the top 20 ranked projects over the past seven trading days.
ATOM now faces resistance at $4.81, which is provided by the bearish .5 Fibonacci Retracement level. Above this, resistance lies at $4.99, $5.33, and $5.51 (bearish .618 Fib Retracement). On the other hand, if the sellers regroup and push the market lower, support can be found at $4.12. Beneath this, support lies at $4.00, $3.50, and $3.25.
Against BTC, ATOM has also been surging as it attempts to create a fresh 6-month high above the 0.00066 BTC level. This area of resistance is provided by the bearish .618 Fibonacci Retracement level. The momentum is clearly within the bullish favor, as it looks to continue this upward trend.
Looking ahead, initial resistance lies directly at 0.00066 BTC. Above this, resistance lies at 0.0007 BTC, 0.00073 BTC, and 0.00078 BTC. Alternatively, if the sellers regroup and push the market lower, we can expect initial support at 0.00057 BTC. Beneath this, support lies at 0.00052 BTC, 0.0005 BTC, and 0.000478 BTC.
