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Crypto Weekly Byte: Market Sluggish, BTC Struggling to Break Higher Above the $4,500 Level

December 03, 2018 13:09
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The overall cryptocurrency market continues to be under stress with range bound movement and volatile price swings. The overall market cap has improved in the last seven days and is hovering around the $130 Bn level.

The November month also proved to be worst for the cryptocurrency market in seven years, in terms of month-on-month price decline with Bitcoin started the month around $6300 level but ended the month just below the $4000 level. The hard fork Bitcoin Cash network and the concern surrounding it has severely affected the market.

Bitcoin

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Bitcoin mostly consolidated between the $3,750 and $4,500 level in the last week, struggling to break above the higher range. Currently hovering around the $4,000 level, the 200 Day EMA level in the hourly chart is providing massive resistance.

The market needs a significant push in terms of improved sentiment around Bitcoin to break higher the $4,500 level and if it breaks the support at $3,750 level, then it Bitcoin prices can drop to the $3,000 level and then to $1,900 level eventually.

Ripple (XRP)

In the past week, Ripple has stabilised and is now trading in a narrow range of $0.3855 and $0.3590 level. The market is experiencing a lot of noise around the 100 Day EMA line and hence struggling to break above it.

If it breaches the $0.3590 level or the lower end of the formation, then it will certainly drop to $0.35 level initially and then to $0.34 level.

Ethereum (ETH)

Ethereum continues to trade under bearish momentum, reaching down to the $100 level, during the past week. The market has recovered slightly from there but continues to under severe selling pressure. The 200 Day EMA line above continues to offer major resistance and if the ETH prices break below the $105 level underneath, then next major support is at $91.22 level and a breakdown below $100 will also be extremely negative for the market.

Stellar (XLM)

XLM has been pretty stable during the week, successfully holding on the gains and also it became the fourth largest cryptocurrency. The $0.1550 level underneath continues to offer major support underneath and also Stochastic is also in an oversold condition indicating some bullish pressure in the counter. In the higher side the $0.17 level, is the major resistance above that extends up to the $0.1750 level.

Bitcoin Cash ABC

The BCH ABC slipped further lower during the past week reaching down towards the $160 level, marking a loss of around 20% in the whole week. The BCH price continues to trade volatile but is holding on the major support at the $156 level underneath.

For the week ahead, the BCH ABC price is likely to move back and forth with $184 level above acting as a major resistance. If it breaks underneath, then it will be extremely negative for the market.

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