Cryptocurrency Weekly Analysis

Weekly Technical Analysis of Digital Currencies December 8 (December 8)


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 7) below:

Weekly technical analysis of bitcoin prices

The bulls of the market are trying to push the price of Bitcoin above the flag pattern and the resistance of $ 19,500, but they are still facing the pressure of selling to the sellers. The $ 19,500 resistance continues to this day as a strong barrier to price.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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However, sellers are forced to lower the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 18,305 in order to weaken the bullish sentiment.

With the price stabilizing below this moving average, a group of short-term traders will give up their buying trades, which may eventually lead to a price drop to support of $ 17,200. Violation of this support may continue to fall to the simple 50-day moving average (SMA 50 – red line in the image) at $ 16,053.

On the other hand, if buyers prevent the price from falling, this may lead to FOMOs or fears of being left behind by traders, and eventually push the price to the top of the upward resistance area by boosting momentum.

In a strong uptrend, price uptrends are considered higher than price uptrends, unless proven otherwise. Above the $ 20,000 level, the price is likely to rise to $ 21,140 and above that to $ 23,043.

  • Resistances: 19,500 – 20,000 – 21,140 – 23,043
  • Supports: 18,305-17,200 -16,053

Weekly technical analysis of Ethereum prices

Vendors have tried to push the price of Ethereum below the 20-day moving average (EMA 20 – blue line in the picture) at $ 559 but have not been successful. The strong jump in prices on December 5 indicates that market sentiment remains positive, given the entry of buyers with prices falling below this average.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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If the bulls of the market manage to push the price above the resistance area of ​​622.807 to 635.456, the bullish triangle pattern will be activated with the target of $ 763.61. The uptrend of moving averages suggests the dominance of buyers, but the Relative Strength Index (RSI) has a negative divergence, which indicates the need for caution in starting trading. Moving this index above its downtrend will mean the superiority of buyers.

The uptrend will be eliminated by moving the price from current levels or high resistance and falling below the 20-day moving average (EMA 20 – blue line in the picture). Such a move could continue to push the price to support at $ 488,134.

  • Resistance: 622,807 – 635,456 – 763.61
  • Support: 559 – 488,134

Ripple Price Weekly Technical Analysis

The price of Ripple has jumped from the level of $ 0.543 and has gone above the downtrend line. This is a positive sign based on the possible end of price correction. However, this does not mean that the new uptrend will start quickly.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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Sellers do not seem to be giving up easily and will try to delay the uptrend to $ 0.6794. In this case, there is a possibility of transverse price fluctuations between the upper and lower limits of 0.543 to 0.6794 dollars.

The next directional movement of the price will start with its breakout up or down this range. If buyers manage to push the price above $ 0.6794, it is possible to see the $ 0.780574 level again.

On the other hand, if the price rotates and moves below $ 0.543, there is a possibility of increasing sales pressure and falling the price to $ 0.4365.

  • Resistances: 0.6794 – 0.780574
  • Supports: 0.543 – 0.4365

Weekly technical analysis of Litecoin price

Litecoin jumped above $ 79.79 on December 5 from the 20-day moving average (EMA 20 – blue line in the picture) and moved above its resistance level of $ 84.3374. If buyers manage to stabilize the price above this level, the price is likely to rise to $ 93,9282.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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The slope of the moving averages is bullish and if the relative strength index (RSI) manages to break the downtrend line, it will be superior to buyers. On the other hand, if the price moves above current levels and moves below the 20-day moving average (EMA 20 – blue line in the picture), it will mean closing the buying positions by buyers in each wave of price recovery.

The next price support is on the way to the 38.2% Fibonacci retracement level at $ 75,943. In case of violation of this support, the price may fall to $ 68.9008.

  • Resistance: 93.9282
  • Supports: 79.79-75.943-68.9008

Weekly technical analysis of bitcoin cache price

Buyers have entered the market with bitcoin caches falling to $ 280 support, but have not been able to push it above the $ 300 resistance. This indicates that demand is declining at higher levels. Market bears are currently trying to push prices below $ 280.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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If successful, the price is likely to fall to the simple 50-day moving average (SMA 50 – red line in the picture) at $ 270 and below $ 246.85. The horizontal slope of the moving averages and the placement of the relative strength index near their mid-range mean a reduction in buyer dominance.

This downtrend will be eliminated by moving the price from current levels or $ 280 support and moving above the $ 300 level. This move promises the return of market cows. Above $ 300, the uptrend is likely to continue up to $ 320 and above $ 338.

  • Resistances: 300 – 320 – 338
  • Supports: 280-270-246.85

Weekly Technical Analysis of China Link Price

The price of China Link jumped higher on December 5 from the simple 50-day moving average (SMA 50 – red line in the picture) to $ 12.60. This indicates the entry of buyers in the losses. However, this group is facing resistance from the downtrend line.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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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) near its mid-range indicate the balance between supply and demand.

If the price moves above the current levels and moves below the simple 50-day moving average, it will be possible for the price to continue to fall to the uptrend line. Violating this dynamic support will also allow for a deeper price correction up to $ 10.

The downside view will be eliminated by guiding and stabilizing the price above the downtrend line. Under such circumstances, the price is likely to rise to $ 14.80.

  • Resistance: 14.80
  • Supports: 12.60 – 10

Weekly technical analysis of Polkadot prices

Buyers are trying to keep the price of Polkadot above the 20-day moving average (EMA 20 – blue line in the picture) at $ 5.09. However, the lack of a strong price jump indicates that traders are not in a hurry to reach current levels.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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If the price does not accelerate and does not reach the level of $ 5.5899, market bears will try to lower the price below the simple 50-day moving average (SMA 50 – red line in the picture) at $ 4.67. Such a movement in the price can lead to its transverse movements for a few days.

On the other hand, if the price rises from current levels and breaks its overhead resistance, there is a possibility of starting a new uptrend. Levels to look for in price growth are initially $ 6,0857 and above $ 6.8619.

  • Resistances: 5.5899 – 6.0857 – 6.8619
  • Supports: 4.67

Weekly Technical Analysis of Cardano Price

On December 5, Cardano jumped above the $ 20,147 moving average from the 20-day moving average (EMA 20 – blue line in the picture) to above the $ 0.155 resistance. However, buyers have been challenged to stabilize prices above $ 0.155. This indicates the arrival of sellers in each wave of price recovery.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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If the bears push the price back below the $ 0.155 level again, the probability of the price breaking below the 20-day moving average will increase. This move shows that buyers are no longer entering into price declines, and this indicates a change in market sentiment.

Below the 20-day moving average, the price is likely to fall to the 50% Fibonacci retracement level at $ 0.141. Below that, the 61.8% level is at $ 0.1312.

On the other hand, if the cows defend the support of $ 0.155, the price is likely to rise to the downtrend line. A price break above this resistance also means a possible return of buyers.

  • Resistors: The downtrend line
  • Supports: 0.155 – 0.141 – 0.1312

Weekly Technical Analysis of Binance coin Price

The Binance Coin price fell below the moving average on December 4. Buyers have been trying to push the price above these moving averages for the past two days, but have not been able to stabilize the price above the 20-day moving average (EMA 20 – blue line in the picture) at $ 29. This indicates a good sales flow for the bears.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
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If the group manages to lower the price below $ 28.6588, there is a possibility that the price will start falling to the support of $ 25.6652. The horizontal slope of the moving averages and the relative strength index (RSI) near its mid-range indicate the possibility of cross-price fluctuations for the next few days.

Trading in the Range or Side market can be directionless and volatile. So it is better to wait for price breakouts from this range and start the price movement in a certain trend.

  • Resistance: 29
  • Supports: 28.6588 – 25.6652

Weekly technical analysis of Stellar price

On December 5, the price of Stellar jumped from the 20-day moving average (EMA 20 – blue line in the picture) to $ 0.159, but weakened near the downtrend line. This means that sellers are exploited with each return of the price to the downtrend line.

Weekly Technical Analysis of Digital Currencies December 8 (December 8)
Click on the image to see the original size

The slope of the 20-day moving average is horizontal and the relative strength index (RSI) has fallen below 58. These factors indicate a decrease in the dominance of buyers. If the bear manages to push the price below the 20-day moving average, the price is likely to continue the downward trend to the level of 61.8% Fibonacci retracement at $ 0.140209. This will be an important level of price control, as violating it will likely increase emotional sales.

On the other hand, if the price jumps again above the 20-day moving average and moves above the downtrend line, there is a possibility that the price will rise to $ 0.20 and the price will enter the consolidation phase before the start of the trend.

  • Resistances: 0.20
  • Supports: 0.159 – 0.140209

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