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Friday, December 4, 2020

Bitcoin Attempts A Bullish Bounce

The last 24 hours have been slightly encouraging as BTC and other major cryptocurrencies strides for some upward momentum. In the meantime, BTC has crossed the $10,700 area and seems to be interested in further gains.

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Bitcoin (BTC) had recently experienced a price dump of around 15% altogether. This made prices test the important $10.5k level. These collective price actions altogether instigated a major market swing. Many altcoins, including Ethereum (ETH) and Ripple (XRP), all moved correspondingly to a price increment.

However, over the last 24hours, the crypto market slowly accumulated some gains and major cryptocurrencies including BTC, are now trying to make decent profits.

Bitcoin (BTC) Price Analysis:

The price of BTC has since the past 48 hours improved by about 2% and now stands comfortably above the $10,700 mark.

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As this price momentum proves encouraging, BTC presently bends towards a very likely $11,000 price move. 

At the time of writing this piece, BTC is changing hands at $10,740. Within the last 24 hours, BTC was seen vacillating between $10,70) and the $10,750 area to build weak support within the range.

The top cryptocurrency gained around 1% on the 7-day timeframe but lost around 9% in the 60-day timeframe.

Technical Points:

  • Prices build weak support at $10,700 * Next level of key resistance at $10,750
  • Major trend is horizontal with equal ups and downs movements. 

Ethereum (ETH) Price Analysis:

Ethereum began the week on a quite good note. Moving up more than 2% from the previous day, ETH gained around $10, touching a high of $354 as of Monday.

However, a slight bearish move set in and drove its price further down by Thursday. 

Nonetheless, the charts began to move in the opposite direction following the recent market reverse that was seen in BTC within the past 24 hours.

As ETH slowly make gains, it moved up the charts by around 1.2% in the last 24 hours to record its current price of $350.0 

Ethereum gained almost 3% in the 14-day timeframe but lost 60% in the 60-day graph.

Technical Points:

  • Prices found resistance at the $385 corner
  • Next level of key support lies at $380 * RSI has returned from the 30.0 overbought condition. 

Ripple (XRP) Price Analysis:

Ripple, like major altcoins, also gained slightly within the previous day.

Ripple (XRP) struggled on the charts in recent days as the general crypto market fell into great dips.

As the market began to recover, ripple, however, remained silent and traded sideways instead, perambulating around the $0.24 region for several days.

Ripple gained around 4% within the last day, landing at $0.256 per unit of the coin at which its currently changing hands. 

Technical Points:

  • Prices found major support at the $0.245 area
  • Next level of major resistance lies at $0.3
  • Major price trend is bullish.
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