The past week was mostly silent as all legacy cryptocurrencies traded in a very narrow range, with only Bitcoin at the end of the week managed to break above the $4,000 level. I think the market will continue to remain volatile and CBOE’s recent decision to hold the listing of new Bitcoin futures is likely to have a negative effect on the already bearish market.
Despite lower volatility and recent positive moves in the market, the traders are skittish regarding the future momentum of the market. Regular Incidences of scams and hacks in exchanges are also raising doubts among the traders and sustainability of the current crypto structure.
The market is successfully holding above the $140 billion mark for some time and 24-hour volume hovering around the $30 billion levels
After breaking higher towards the $4,150 level, the market witnessing a pullback, trying to break below the $4,000 level. On the hourly chart, the short term momentum of the market is negative as BTC prices are now below the 50 Day EMA slope, which was acting as a strong support line for a long time. Also, the 20 Day EMA has crossed below 10 Day EMA, suggesting more selling pressure in the market.
Its unlikely that the momentum of the market will reverse and BTC price could initially reach down to the supportive $3,900 level and then $3,800 level.
Ethereum rallied higher a bit during the past week but experienced a strong resistance at the $145 level or the 100 Day EMA slope. Going forward, I think the market is likely to trade in a range between 50 and 100 Day EMA, in which former offering strong support to the market. Also, the 50 per cent in the Fibonacci scale is offering strong support with 61.8 per cent acting as a strong base.
If ETH prices break above the $145 level, then the next major target will be $160 level.
The XRP/USD pair is witnessing a lot of noise around the 50 Day EMA slope and is offering a strong resistance. But, the short term uptrend line is offering strong support to the market and helping the pair to reach higher. The market needs to close above the $0.3250 level, in order to reach further higher towards the $0.33705 level, which is its next major resistance.
The LTC/USD pair was extremely bullish in the past week, as it reached above the $62 level. Since then, the market is experiencing a bit of pullback but the $58 level underneath should offer strong support. I think LTC/USD will continue to gain value and reach a higher level. It has also formed a cup and handle pattern, which is a strong bullish pattern indicating a strong reversal pattern and also marks the end of a downtrend.
A break above $68 level, would help the market to reach towards the $100 level and above.
EOS traded rangebound during the past week, mostly traded between the $3.91 and $3.6 level. The market is finding it too difficult to gain a bullish momentum in order to break higher the range. The 38.2 per cent in Fibonacci retracement is offering strong support and if it breaks below, then it can reach down towards $3.35 level.
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