Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies December 22 (December 2)


Technical analysis of the price of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Cardano, Binance Coin, Polkadot, Stellar and China. Read the link for today (December 2) below:

Weekly technical analysis of bitcoin prices

The bulls pushed the Bitcoin price above $ 24,000 on December 19 and 20, but failed to stabilize at higher levels on either day. This indicates a strong defense of the bears from the resistance area of ​​$ 24,000 to $ 25,000.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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Most of the time, momentum traders exit their open positions in the market when they are informed that the uptrend has stopped. It happened yesterday and pushed the price down to $ 21,934.83. However, the long wick of the daily candle price yesterday indicates a strong buying trend in the spills.

Yesterday’s fall has moderated the relative strength index (RSI) position in the buy saturation zone. This is a positive sign that buyers are likely to try to keep up the price. In this case, a price increase of up to $ 26,958 will be possible.

However, if the price moves down from the resistance area, there is a possibility of price fluctuations for a few days. The price has continued to rise as long as it has stabilized above its $ 20,000 support.

Breakout of prices below this support is the first sign of weakening demand at higher levels and a shift in sentiment from buying to falling to selling to recovering. Below $ 20,000, the price is likely to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 18,136.

  • Resistances: 24,000 – 25,000 – 26,958
  • Supports: 20,000 – 18,136

Weekly technical analysis of Ethereum prices

Momentum Ethereum price movement did not rise above the uptrend pattern on December 16 after its breakout. The failure of buyers to continue the uptrend has led to the saving of trading profits by short-term traders and exit from trading. The move pushed the price below the breakout level of $ 622,807 yesterday.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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However, buyers in the current situation are trying to defend the 20-day moving average (EMA 20 – blue line in the picture) at $ 599. If successful, there is a possibility that the uptrend will continue. A break above $ 676,325 would also increase the likelihood of a $ 763,614 target being seen.

On the other hand, if the price moves below the 20-day moving average and the lower side of the uptrend triangle, the advantage will be in favor of sellers.

  • Resistance: 676.325 – 763.614
  • Support: 599

Ripple Price Weekly Technical Analysis

The Ripple price is in the range of $ 0.435 to $ 0.6794. The price fell below the upper limit on December 17 and moved below the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.543.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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In the current situation, there is a possibility that the price will fall to the support of $ 0.435 and then buyers will enter this level. The price has hit both the upper and lower limits of the mentioned range twice, so there is a possibility of buyers entering the lower limit and sellers entering the upper limit of this range.

The horizontal slope of the 20-day moving average and the relative strength index (RSI) below the mid-range indicate the possibility of cross-price fluctuations over several days. The next trending price move will start with the penetration above $ 0.6794 or below $ 0.435.

  • Resistances: 0.6794
  • Supports: 0.435

Weekly technical analysis of Litecoin price

The upside trend of the Litecoin price on December 19 has faced a barrier of $ 124,1278 on its way. The price is currently correcting its latest uptrend and buyers are trying to stop it at the 50% Fibonacci retracement level.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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If successful, the price is likely to rise again to $ 124,1278. If buyers manage to push the price above this resistance, there is a possibility that the uptrend will continue until the next price target at $ 140.

The upward slope of the moving averages and the placement of the relative strength index (RSI) in its positive area indicate the possibility of continuing the upward trend in prices.

On the other hand, if sellers push the price below $ 101.1868, there is a possibility that the downtrend will continue until the 20-day moving average (EMA 20 – blue line in the picture) at $ 91. Failure of the price below this level indicates the possibility of a reversal of the trend.

  • Resistances: 124.1278 – 140
  • Supports: 101.1868 – 91

Weekly technical analysis of bitcoin cache price

The price of Bitcoin Cash rose above $ 353 on December 20, but buyers failed to stabilize at higher levels. The price went up again above $ 353 yesterday, but given the long wick of the daily candle, it can be seen that the bears have pushed the price back from higher levels.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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Buyers are currently trying to push the price above the 20-day moving average (EMA 20 – blue line in the picture) at $ 297. If the price jumps above this support, the market cows will once again try to guide and stabilize the price above $ 353. In this case, there is a possibility that the price will start moving up to the target of $ 500.

However, if traders defend the $ 338- $ 353 resistance area, there is a possibility that the price will gradually fall to $ 240 and the price will move within the range before the start of the next price trend.

  • Resistances: 297 – 338 – 353 – 500
  • Supports: 240

Weekly Technical Analysis of Chainlink Price

The Chinese price of the link between December 17 and 19 is three recurring Dodge candlesticks in daily timeframe for three days. Even with the breakout price above the $ 13.28 resistance, this shows uncertainty and hesitation among traders.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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The failure of the price to continue the climb has attracted sellers and the price returned below $ 13.28 on December 20. The price wave has continued to fall during the day and the price has moved below the moving averages again.

If the bear market manages to lower the price below the uptrend line and support $ 11.29, there is a possibility that the price will fall to $ 10. On the other hand, if the price jumps from the uptrend line, buyers will try again to push the price above $ 13.28.

  • Resistance: 13.28
  • Supports: 11.29 – 10

Weekly Technical Analysis of Cardano Price

Cardano’s price has entered a consolidated phase over the past four days in a tight range between $ 0.16 and $ 0.17. The price went below the lower limit yesterday and the 20-day moving average (EMA 20 – blue line in the picture) at $ 0.15.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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The horizontal slope of this moving average and the fall of the relative strength index (RSI) to the middle area, indicate a decrease in the dominance of buyers. If the price stabilizes below the 20-day moving average, it will be possible for the price to continue to fall to $ 0.13.

If the price jumps from this support, there will be a possibility of price fluctuations for a few more days. The next trend is likely to start after the price moves above $ 0.175 or down $ 0.13.

  • Resistances: 0.175
  • Supports: 0.15 – 0.13

Weekly technical analysis of Polkadot prices

The price of Polkadot remains in the range of $ 3.53 to $ 5.56. Buyers tried to push the price above this range on December 17, but were unsuccessful. The price on December 18 and 19 formed the daily Dodge Kendall, which indicates a lack of certainty between the two groups of buyers and sellers.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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This uncertainty ended in favor of sellers on December 20, and the price faced a new wave of sales yesterday. At the moment, the bear market is trying to lower the price below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 4.9.

If such a move occurs, the potential stations will be priced at $ 4.50 and $ 3.80, respectively. The 20-day moving average (EMA 20 – blue line in the picture) is horizontal and the Relative Strength Index (RSI) is in the negative area. These factors indicate a shift in market dominance in favor of sellers.

This view will be eliminated by turning the price upwards and moving above the resistance area of ​​$ 5.6 to $ 6.00857. Such a move indicates the beginning of a possible upward trend in prices.

  • Resistances: 5.56 – 6.00857
  • Supports: 4.9 – 4.50 – 3.80

Weekly Technical Analysis of Binance coin Price

The price of Binance Coin went above the range of $ 25,6652 to $ 32 on December 19 and quickly reached $ 35.4338 the next day. However, the price has not been able to penetrate above this level, and this has ultimately led to traders saving profits.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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Sellers are currently trying to bring prices below the breakout level of $ 32. In this case, there is a possibility that the price will enter the range again. However, a jump in prices from current levels will indicate that traders are entering buying positions, as these people expect a new price floor to form at these levels. They will also try again to push the price above $ 35.4338.

In this case, the price is likely to rise to its historic high (ATH) at $ 39,5941. On the other hand, if the price moves downwards after hitting $ 35.4338, there is a possibility that the price will fall to $ 32.

  • Resistances: 35.4338 – 39.5941
  • Supports: 32

Weekly technical analysis of Stellar price

The price of Stellar fell again below the support of $ 0.18 on December 20, and yesterday broke the support of the 20-day moving average at $ 0.170. There is a possibility that the price will fall to $ 0.14, at which level buyers will probably benefit.

Weekly Technical Analysis of Digital Currencies December 22 (December 2)
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The horizontal slope of the 20-day moving average and the relative strength index (RSI) in their middle area will indicate limited price fluctuations for a few days. If the price jumps above the $ 0.14 level, buyers will try to push the price above the downtrend line. The price may form a bearish triangle pattern on the chart that will be activated below $ 0.14 with a breakout.

  • Resistances: 0.18
  • Supports: 0.14

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