Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies December 1 (December 4)


With the aggressive arrival of buyers in the lower areas of Bitcoin reform, its price has reached its highest historical level.

To Report According to Arcane Research, while the price of bitcoin rose to its highest level in 2020, open futures on the Chicago Mercantile Exchange (CME) reached $ 1.16 billion, according to Arcane Research. It has become the largest bitcoin futures market in the world. This shows that institutional investors are completely oblivious to the recent sharp correction in the price of bitcoin.

Guggenheim Partners, a financial services consulting and investment firm worth more than $ 200 billion, has become the newest and largest Wall Street institution looking to invest in Bitcoin. Guggenheim is seeking a breach of the Securities and Exchange Commission (SEC) to secure a maximum of 10 percent of its net worth in Bitcoin through the Grayscale Bitcoin Trust. The fund currently has $ 5.3 billion in assets, so Guggenheim may buy $ 500 million or more in bitcoin.

The growing enthusiasm of corporate investors, even when the price of Bitcoin is nearing its peak, reflects their confidence in the long-term trend of this digital asset. In an interview with Quintel Telegraph, Raoul Pal, the current CEO of Real Vision and a major investor, said that the most conservative goal of Bitcoin is to be priced at $ 150,000 by November 2021. He added that if a large amount of corporate and institutional capital is injected into the digital currency space, the price of bitcoin could even rise to $ 250,000.

Technical analysis of the price of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance Coin, Polkadot, Stellar and China.

Weekly technical analysis of bitcoin prices

Price corrections in a strong uptrend usually take between one and three days, and this is exactly what happened to the price of bitcoin. The price correction from $ 19,459.22 ended on November 25 at $ 16,191.02 the next day.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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Shallow price corrections are usually signs of high power. This shows that investors are not in a hurry to save profits, and on the other hand, traders who are interested in entering the market in the current situation, do not wait for lower price levels.

The upward slope of the moving averages and the placement of the relative strength index (RSI) near the saturation zone (maximum) of the purchase indicate the superiority of buyers. The upward acceleration of the price increased yesterday and buyers pushed the price above the previous price ceiling of $ 19,459.22.

Bears, on the other hand, have not given up the market and are trying to delay the uptrend in the resistance area from $ 19,500 to $ 20,000. If the price falls quickly in this area, it is likely to fall to $ 17,200.

On the other hand, if the cows push the price above $ 20,000, it is possible that the price will accelerate again and grow to $ 22,727, and above that to $ 25,000.

  • Resistances: 19,500 – 20,000 – 22,727 – 25,000
  • Supports: 17,200

Weekly technical analysis of Ethereum prices

Ethereum’s strong jump in support from its $ 488,134 support indicates an aggressive entry of buyers with the aim of continuing the next wave of uptrend.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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If buyers manage to push the price above the $ 625 level, there is a possibility that the upward trend of the price up to the $ 800 resistance will start. The upward slope of the moving averages and the placement of the relative strength index (RSI) near the saturation (maximum) area of ​​the purchase indicate the superiority of the buyers.

On the other hand, if the price moves down from the $ 625 resistance, there is a possibility that the price will enter the consolidation phase for a few days before the uptrend continues. A break below the 20-day moving average (EMA 20 – blue line in the picture) at $ 532 will be the first sign of a weakening.

  • Resistance ‌: 625 – 800
  • Support: 532

Ripple Price Weekly Technical Analysis

The Ripple price recovery wave has been involved in the last two days with the resistance level of 61.8% of Fibonacci correction at $ 0.649138. Yesterday, buyers pushed the price above this resistance, but failed to stabilize it at higher levels.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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However, the uptrend of moving averages and the placement of the Relative Strength Index (RSI) in the buy saturation zone indicate that buyers have the upper hand in the market. If buyers manage to push the price above $ 0.649138, the price is likely to rise to $ 0.706942 and above it to $ 0.780574.

The uptrend will be eliminated by turning it above the resistance and falling below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.47.

  • Resistors: 0.649138 – 0.706942 – 0.780574
  • Supports: 0.47

Weekly technical analysis of bitcoin cache price

The price of Bitcoin Cash went above the $ 280 level on November 29, and the upward acceleration of the price has increased yesterday. The price recovery trend has hit the resistance level of 61.8% of Fibonacci at $ 324.01.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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The downward movement of the price from the upward resistance indicates that buyers who have entered the market at higher levels are leaving it. In this case, the sellers will try to lower the price to $ 280.

In contrast to this bearish scenario, if buyers manage to push the price above $ 324.01, there is a possibility that the price will move up to $ 324.01 and above it to $ 344.98 and finally to $ 371.70. The upward slope of the moving averages and the relative strength index above 58 indicate that buyers have a relative advantage.

  • Resistances: 324.01 – 344.98 – 371.70
  • Supports: 280

Weekly Technical Analysis of Chainlink Price

The price of Chainlink jumped to $ 12.25 on November 26 and 27 from the simple 50-day moving average (SMA 50 – red line in the picture) and pushed buyers above the resistance level of $ 13.28. The price recovery trend in the current situation is faced with a resistance level of 61.8% at $ 14.4433.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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The horizontal slope of the 20-day moving average (EMA 20 – blue line in the picture) and the relative strength index (RSI) above its mid-level indicate the balance of power between the two groups of buyers and sellers.

With prices falling below $ 13.28, market sentiment has shifted in favor of sellers and buyers are out of position as prices rise. A break below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 12.25 will also mean the possibility of a deeper correction.

On the other hand, if buyers manage to push the price above $ 14.4433, the price is likely to rise to $ 15.2994 and above it to $ 16.39. Failure of the price above this resistance also means that the uptrend is likely to continue.

  • Resistances: 14.4433 – 15.2994 – 16.39
  • Supports: 13.28 – 12:25

Weekly technical analysis of Litecoin price

The Litecoin price is supported on November 26 and 27 near the 61.8% Fibonacci retracement level at $ 64.8317. The price jump has been strong from this level, but buyers are currently struggling with the resistance of $ 88.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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However, the upward slope of the moving averages and the relative strength index (RSI) in its positive area indicate the superiority of buyers. As the price moves above the $ 88 level, there is a possibility that the $ 93,9282 level will be seen again. Above this level, the uptrend is likely to expand to $ 100.

On the other hand, if the price moves from the upward resistance to the downside, there will be a possibility of limited price fluctuations for a few days. The uptrend will be eliminated as it moves below the $ 64 level.

  • Resistances: 88 – 93.9282-100
  • Supports: 64

Weekly Technical Analysis of Cardano Price

The price of Cardano on November 28 has moved strongly above its resistance of $ 0.155. This indicates an aggressive buying trend at lower levels. However, buyers have been trying to keep the price above $ 0.17 for the past two days.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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Sellers are defending the resistance area of ​​$ 0.17 to $ 0.1826315. If the group manages to lower the price below $ 0.155, it will be possible to continue the fall to the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.137.

However, if buyers enter the market with a drop in price to $ 0.155, this indicates an accumulation trend at this level. The entry of the price into the consolidation phase near the high resistance will be a positive sign, because it will indicate that traders are not in a hurry to close their open positions and are not waiting for a deep correction of the price in order to enter the market.

If buyers push the price above $ 0.1826315, it will be possible to increase the price to $ 0.12129 and above it to $ 0.235.

  • Resistors: 0.17 – 0.1826315 – 0.2129 – 0.235
  • Supports: 0.155 – 0.137

Weekly technical analysis of Polkadot prices

The price of Polkadot has jumped from $ 4.52 above the simple 50-day moving average (SMA 50 – red line in the image). This reflects the strong defense of buyers of this support. In the current situation, the group will try to push the price above the resistance area of ​​$ 5.5899 to $ 6.0857.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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If successful, the price is likely to rise to $ 6.8619 and above $ 7.64. The gradual upward slope of the moving averages and the placement of the relative strength index (RSI) above the level of 57, indicate the relative superiority of buyers.

However, if the price moves downwards after hitting the upper resistance area, there is a possibility of limited price fluctuations for a few more days.

  • Resistances: 5.5899 – 6.0857 – 7.64
  • Supports: 4.95

Weekly Technical Analysis of Binance coin Price

The price of Binance Coin remains in the range of $ 25,6652 to $ 32. The price jump on November 26 indicates that buyers are entering the market near the lower limit of this range. The price in the current situation is near the upper limit of this range.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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If the price moves from the upper level of this range to the lower, the transverse price fluctuations will be extended. The moving averages are horizontal, but the Relative Strength Index (RSI) is in its positive territory. This indicates that the momentum (momentum) of price movement will be in favor of buyers.

If buyers push the price above $ 32, the price is likely to rise to $ 35.4338. A break above this resistance may lead to the re-emergence of the historical price (ATH) ceiling at $ 39.5941.

  • Resistances: 32 – 35.4338 – 39.5941
  • Supports: 25,6652

Weekly technical analysis of Stellar price

Stellar’s price has faced resistance from the downtrend, but on the plus side, buyers have avoided falling sharply. Therefore, it can be said that the flow of accumulation by buyers is maintained in every fall in price.

Weekly Technical Analysis of Digital Currencies December 1 (December 4)
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If buyers manage to push the price above the downtrend line, it is likely to grow to $ 0.231655. Sellers are likely to take action at this level, and if the price moves above this upward resistance, the price fluctuations will be extended for a few days.

If buyers manage to push the price above $ 0.231655, there is a possibility that the next wave of price movement will start. The next target price on this route will be $ 0.2933. On the other hand, if sellers push the price below $ 0.188, there is a possibility that the price will fall to $ 0.16.

  • Resistances: 0.231655 – 0.2933
  • Supports: 0.188 – 0.16

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