Bitcoin (BTC),
Ethereum (ETH), Monero (XMR), Ripple (XRP), Cardano (ADA), Stellar (XLM), EOS,
Bitcoin SV (BCHSV), Tron (TRX), Litecoin (LTC)
BTC/USD
Dominant
trend:
Bearish
Supply zone: $6400, $7200, $8000
Demand zone: $2500, $2000, $1500
The market remains under the control of the bears on the
long-term outlook. Having achieved the predicted target last week at $3377 on
7th December and a further drop to $3277 in the demand area, the bears seems to
have a brief rest. Exhaustion at the demand area denoted by wicks coupled with
hammer signalled the bulls gradual return.
BTC/USD was up at $3800 on 8th December, but a further
upward movement was rejected around the 10-EMA. The cryptocurrency provides a
down-trending market scenario with the formation of lower highs and lower lows.
With the price below the two EMAs that are fanned apart which
suggest strength in the context of the trend and in this case the downtrend,
BTCUSD may be set for a new lower low as the bears’ pressure becomes much
stronger.
ETH/USD
Dominant
trend: Bearish
Supply zones: $200, $220, $240
Demand zones: $50, $40, $30
The bears’
pressure was sustained in the past week as Ethereum went
further down to $83.00 in the demand area on 7th December closing the week
lower than the previous at $111.52. Rejection to further downward price
movement was obvious as the bulls return this was signalled by the two hammers
formation a strong indication of trend reversal.
$102.50 in the supply area was retested as the new week began on
9th December.
This flag formed by the bullish pressure was necessary for the
market correction before the downtrend continuation. With the price below the
EMAs an indication of strong bears pressure, $53.93 the 261.8 fib level in the
demand area may be tested in days ahead
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