For the crypto market, the first week of the year 2019 was not much eventful as all leading coins continued to trade stable and range bound. With the drastic drop in crypto prices in 2018, the market is likely to be forming a base around for next bull rally and improvements in the key structure of the leading coins including Ethreum’s shift to PoS consensus, will also support the market higher. The year 2019 also gave a good start to Ethereum, as it reclaimed the 2nd spot and also moved above the $150 level.
The total market cap now hovers around the $140 level, with 24h volume averaging between $16-17 billion.
Bitcoin prices during the past week moved a little and mostly hovered between the $3,800 and $4,200 range. The 50 Day EMA on the daily chart is offering strong resistance and if we go with the trends in stochastic and RSI oscillator, it is indicating strength in the market.
If Bitcoin prices break above the 50 Day EMA and $4,385 level simultaneously, then it can easily reach towards the $5,000 level. And, the $3,800 level underneath is offering strong support to the market.
Ethereum has gained over 20 per cent in the last week, managing to break above the psychological $150 level. The ETH prices are expected to remain volatile ahead of the January 16th Constantinople hard fork which will pave the way towards implementing PoS consensus system. In the hourly chart, the 50 EMA is offering strong support and if it succeeds to break above the $160 level which is offering a bit of resistance, then it can easily reach towards $200 level.
In the daily chart, the 50 EMA has started moving higher, which indicates bullishness in the ETH prices going forward.
Ripple (XRP) was mostly sideways during the past week, hovering between the $0.35 and $0.36 level. The stochastic oscillator on the daily chart is indicating a bounce from the current level, and if it crosses above the 50 Day EMA, then it can reach towards the 200 Day EMA which will be the next stop for the market, which will be around at $0.45 level.
Bitcoin Cash was slightly positive during the last week, gaining just 5 per cent as the $170 level above offering a bit of resistance. The 50 EMA is providing a bit of support to the market and is likely to grind higher going forward. If it breaches the 50 Day EMA, then it next major support is placed at $140 level.
EOS is trading in an upward channel, with both 200 and 50 Day EMA lines underneath is offering strong support. The EOS/USD pair is likely to continue trade with a bullish sentiment and once it breaks above the $3 level, then it will continue to reach towards the $4.40 level in the long term.
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