Weekly Cryptocurrency Summary – Bitcoin (BTC / USD)
The BTC / USD coin remains well supported above the $ 47,000 level against the US dollar. Bitcoin needs to clear $ 48,500 to start a decent rise towards the $ 50,000 level. The prices of the world’s leading cryptocurrency, Bitcoin, rose after breaking through the resistance level of $ 47,000.
BTC even broke through the resistance level of $ 48,000 and the 100 hour simple moving average. However, bears were active around the $ 48,500 zone. The price of BTC traded as high as $ 48,481 before a downward correction. There was a break below the $ 48,000 and $ 47,800 levels. The price even broke the 23.6% Fib retracement level of the bullish move from $ 43,374 on the downside to a high of $ 48,481.
Meanwhile, the BTC / USD coin found support near the $ 47,200 level, and there was no continuation to the downside. As a result, there was a further increase above the $ 47,500 level. The price of Bitcoin could initiate another downward correction if it fails to break through the resistance zone of $ 48,000. Immediate downside support is near the $ 47,600 level and the broken channel trendline. If the price breaks above the $ 47,600 level, it could test the $ 47,200 support level. On the other hand, BTC may experience another rise if it hits the resistance level of $ 48,500. If there is a clear break above $ 48,500, the price may rise towards the key resistance of $ 50,000 over the next few sessions.
The sharp drop in the broad-based US dollar, on the other hand, fueled Bitcoin’s buying bias. Meanwhile, the positive cryptocurrency remarks from billionaire fund manager and New York Mets owner Steve Cohen have positively impacted Bitcoin prices.
Weekly Cryptocurrency Summary – Ethereum (ETH / USD)
ETH / USD has broken through the resistance level of $ 3,550 and is now trading above $ 3,560 and the 100 hour simple moving average. ETH prices could initiate another downward correction if Ethereum does not continue to rise, above the resistance levels of $ 3,580 and $ 3,600. Initial bearish support is near the $ 3,540 level. The next support is near the $ 3,520 level and the lower triangle trendline. A break down below triangle support could drive Ether towards the $ 3,450 support area in the near term. However, the greenback’s selling bias has been seen as one of the main reasons for Ethereum’s bullish bias. The broad-based US dollar fell that day, but remained near three-week highs. Strong economic data from the United States raised expectations that the US Federal Reserve will start reducing its assets sooner than expected, helping to limit the greenback’s losses. Thus, the modest ongoing losses of the USD tend to support the ETH / USD pair.
Weekly Cryptocurrency Summary – Litecoin (LTC / USD)
The LTC / USD coin pair changes hands at $ 186, down from the recent high of $ 195.49. However, the sales bias surrounding the LTC / USD The pair could be attributed to speculative sentiment and technical factors, while fundamental developments remain in the dark. We are all well aware that the cryptocurrency market is notorious for this kind of behavior, as everything grows and falls simultaneously.
LTC tested the resistance level of $ 195.49, but buyers failed to hold on. However, the declines could be long term, focusing on the support levels of $ 160, $ 150 and $ 140.
Litecoin is trading at $ 185.750, with a 24-hour trading volume of $ 4,101,156,116. Litecoin has fallen 2.41% in the past twenty-four hours. Its market rank is No. 16, with a live market cap of $ 11,946,790,640. Litecoin has an outstanding supply of 66,752,615 LTC coins and a max. supply of 84,000,000 LTC parts. The reason for its bearish rally could be mixed sentiment in the crypto market, which has had a bearish impact on the coin. On the other hand, the losses could be short lived as the weakness of the broad-based US dollar helps cap the losses of the LTC / USD pair.
The broad-based US dollar fell that day, but remained close to three-week highs as strong US economic data raised expectations that the US Federal Reserve will start cutting assets earlier than planned. This made it possible to limit losses in US currency. However, the bullish mood of the market tends to undermine the US dollar, due to its appeal as a safe haven.
Additionally, the losses were also capped by positive reports that AMC Entertainment Holdings, Inc. boss Adam Aron said the movie chain would accept Ether, Bitcoin Cash and Litecoin, alongside Bitcoin, for ticket purchases. This shows that cryptocurrencies are increasingly accepted by traditional investors and businesses.
Weekly Cryptocurrency Summary – Ripple (XRP / USD)
The XRP / USD crypto coin failed to stop its bearish rally from the start of the day and attracted further bids around the 1.09 level. Ripple XRP continues to consolidate its position below the $ 1.20 level. At the time of writing, the coin is in the 9 and 21 day moving averages, while still floating towards the lower limit of the channel as the technical indicator, the Relative Strength Index (14), moves around the level 50..
The daily breakdown shows that intraday support and resistance are between $ 1.15 and $ 1.10, respectively. XRP is trading at close to $ 1.09, with a 24-hour trading volume of $ 3,025,334,048. Ripple has fallen 2.63% in the past twenty-four hours. It should be noted that the current market rank is # 6, with a live market cap of $ 50,905,412,993. It has an outstanding supply of 46,622,239,005 XRP coins and a max. supply of 100,000,000,000 XRP coins.
Despite the various positive headlines regarding cryptocurrencies, the XRP / USD pair failed to achieve positive traction on this day, possibly due to the latest weakness in the world’s largest cryptocurrency, Bitcoin. Meanwhile, the South Korean regulator has ordered 60 crypto exchanges to end their services and notify their customers by Friday. This shocking headline put downward pressure on cryptocurrencies, including XRP.
Weekly Cryptocurrency Summary – Dogecoin (DOGE / USD)
DOGE / USD extended its previous bullish rally and flashed green signals since the start of the day. Dogecoin is currently trading at $ 0.254148, with a 24-hour trading volume of $ 1,922,075,063. Dogecoin has fallen 3.17% in the past twenty-four hours.
The current market rank is # 8, with a live market cap of $ 38,384,210,776. It has an outstanding supply of 131,128,539,044 DOGE coins and there is no maximum supply. However, Dogecoin’s buying bias was mainly supported by the weaker US dollar. The broad-based greenback fell on that day, but remained near three-week highs as strong US economic data raised expectations that the US Federal Reserve will start cutting its assets sooner than expected. This helped limit the losses of the US dollar. However, the bullish mood of the market tends to undermine the US dollar, due to its appeal as a safe haven. On the other hand, San José-based financial technology giant PayPal has said that all of its eligible customers can now buy, sell and hold cryptocurrencies in the UK. This positive development had a positive impact on the crypto market and contributed to Dogecoin’s gains.