Cryptocurrencies have maintained their stability throughout the week. There was a brief dip with the market cap going to $206 Billion, but it is back up at $223 Billion right now. Historically, the last few months of every year have seen huge bull runs, and we may experience something similar in the coming weeks. Volatility is at its lowest levels in the past few years, and the market is waiting for the right nudge for a significant trend reversal.
Last week, we asked our readers to trade between $6,500 and $6,800, which went through once. This week, a new bullish trend line has been formed. However, $6,800 is still a major resistance. Set buy orders along the newly formed trend line, and sell them at $6,800. For long-term traders who had purchased at previous points, $6,800 is a good point to sell them at. However, as we expect another significant bull run, set buy orders right above that point to buy back.
After a week of gains, Ethereum fell down below its support at 0.035 BTC, only to rebound at its next support at 0.0325 BTC. For the past couple of days, Ethereum has remained indecisive around 0.035 BTC. We’d recommend waiting for clear signs of movement from this point as the price can move in either direction.
Ripple has been on a roll lately, posting significant gains. On four different instances, XRP took over Ethereum’s second spot in terms of market cap. The two cryptocurrencies are still fighting it out. Right now, Ethereum has a market cap of $23.6 Billion, while XRP is down by just $240 Million with a market cap of $23.36 Billion. However, we should have a clear winner by the end of next week.
XRP’s recent surge has been in anticipation of its SWELL event which is set to happen this week. The company is expected to announce new products and partnerships. The price might go up during the event and stay that way. For short-term traders, we’d recommend trades based on news this week instead of Technical Analysis. However, there’s also a minor resistance at 91 Sats which traders will have to be careful of. For SWELL this week, make sure to follow Crypto-News India and stay updated.
Bitcoin Cash saw a huge surge this week, breaking two different resistance at 0.075 BTC and 0.079 BTC. The movement was due to the Chinese mining giant Bitmain finally filing for its IPO with the Hong Kong Stock Exchange. However, things may not go well for Bitmain, because they’re bleeding money and Bitcoin Cash itself is in a state of limbo with developers having a feud among themselves on the future of the forked cryptocurrency.
Right now, Bitcoin Cash is unpredictable and risky for Short-term traders. However, for long-term traders who do not mind the risk, we’d recommend holding a very small portion of their portfolio as Bitcoin Cash. Ideally, below 5% of their portfolio.
Litecoin broke free of its resistance at 0.009 BTC last week, going from 0.0089 BTC to 0.01 BTC in just 1 hour. However, it has been falling down ever since with support at 0.009 BTC. Watch out for the point where the bearish trend line and the support meet tomorrow. If the bulls win, set long orders and sell them at multiple points up to 0.01 BTC. If the bears win, set short orders and set multiple sell orders up to 0.0085 BTC.