BitPR Weekly Market Overview: 7 Dec 2018

In collaboration with MIND Trader (@mindandtrader)

7 Dec 2018

These weekly Market Overview installments will focus on technical trading patterns in cryptocurrency market with a focus on major cryptocurrencies.

Follow us on Twitter @BitPRJapan for real-time delivery of these charts and analysis.

All charts and analysis provided by Mind Trader. Check him out on Twitter @mindandtrader..

Finally, please note that the information here is stems purely from technical analysis at a given point in time. It does not constitute investment advice and readers should not use this information as the sole basis for investment action.

All information was current as of 7 Dec 2018.

State of the crypto market

Crypto watchers are waiting to see when the market will bottom out.

Crypto markets are still in bear territory with Bitcoin again falling well under $4,000 and Ethereum trading below $100. Regulatory uncertainties and delays in the launch of Bitcoin futures and ETFs have done nothing to alleviate the selling pressure.

Crypto total market cap

 

#CRYPTO Total Mkt Cap (3D Chart) Current Value : $115.7 Billion :- Below important support of $120B which is not good, now next support at $107B then $98B, Bull Divergence in RSI which is positive.

Altcoin total market cap

#AltCoin Market Cap (3D Chart) Current Value : $52.4 Billion :- Still holding above $50 Billion support which is good, below that next support at $45B, Bull diveregence in RSI which is positive.

Bitcoin (BTC)

#BTCUSD (#Bitstamp) (#Daily Chart) Current Price: $ 3382:- A possible Bullish Butterfly pattern is developing support now at $3280 and resistance at $3512, if cross then a rally towards $3860 possible

Ethereum (ETH)

 

#ETHUSD (#Coinbase) (#Daily Chart) Current Price : $86.23 :- Below All important support level of $100 now next Fibonacci ratio supports at $78 & $67, and resistance now at $100 & $138.

Ripple (XRP)

 

#XRPUSD (#Bitfinex) (#Daily Chart) Current Price :$0.3052 :- Just above important Fibonacci ratio level of $0.30, below that next support level at $0.25, now $0.38 act as a important resistance level.

Bitcoin Cash ABC (BCH)

 

#BCHABCUSDT (#Binance) (4 hrs Chart) Current Price : $101.90 :- Below couple of important support now next important support level at $92, if hold then some rally possible, below $92 more downside.

Stellar (XLM)

 

#XLMUSDT (#Binance) (#Daily Chart) Current Price : $0.1132 :- Bear flag break down , avoid now next support at $0.0939, buy only if price move above $0.1432.

Litecoin (LTC)

#LTCUSD (#Coinbase) (#Daily Chart) Current Price : $25.35 :- Below Important support level of $30, so avoid now, next long term support at $21, so accumulate near $21 or if price move above $30.

Cardano (ADA)

#ADAUSDT (#Bittrex) (#Daily Chart) Current Price : $0.0294, below 0.0328 support so avoid now and wait for price to recover and move above 0.0328 then only go long.

Monero (XMR)

#XMRUSD (#Bitfinex) (#Daily Chart) Current Price : $45.44 :- Below some important support so avoid now, next supports now at $29 & $25, near resistance $54, if price move above $54 then only go long.

Dash (DASH)

 

#DASHUSDT (#Bittrex) (#Daily Chart) Current Price : $61.17 :- Avoid below $70, if price recover then enter long above $70, below $70 next support will be $38.

Binance Coin (BNB)

#BNBUSDT (#Binance) (#Daily Chart) Current Price : $4.67 :- So far holding above $4.41 which is positive, if dip below $4.41 then exit for time being because next support at way below at $2.50.

NEM (XEM)

 

#XEMUSD (#Bittrex) (#Daily Chart) Current Price : $0.066 :- Long Term Investors keep accumulating and put a Stop Loss according to your comfort level, short term trader avoid.

Ethereum Classic (ETC)

 

#ETCUSDT (#Bittrex) (#Daily Chart) Current Price : $3.40 :- Below all support so better avoid until some positive indications.

NEO

 

#NEOUSDT (#Bittrex) (#Daily Chart) Current Price : $5.78 :- below all supports, so short term trader avoid here, long term Investor start accumulating slowly in parts.

ZCash (ZEC)

#ZECUSD (#Bitfinex) (#Daily Chart) Current Price : $54.57 :- Just Above long term support of $52, below that price may drop towards $26, if $52 hold then Tgt $110-$128 first.

LISK (LSK)

#LSKUSD (#Binance) (#Daily Chart) Current Price : $1.16 :- Below all supports so better avoid now, only long term Investors with holding capacity can accumulate here in parts.

Food for thought: Bitcoin (BTC) Shorts

$BTC (#Bitfinex ) (Shorts Position) Now Shorts are once again at an all-time high, this is the 5th time shorts are entering these levels, now its decision time for bear, whether they will push hard and try to penetrate this level or book some profit here.

Check back next week for another edition of the Weekly Market Overview.

 

Disclaimer: The information presented in this article is from an external source and does not constitute investment advice. Please do your own research. BitPR does not responsible for the validity of information provided by external sources.

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