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Market data is provided by cryptobolse HitBTC.
Many crypto-investors have lost an astounding amount of money this year. The total market capitalization of all crypto-coins is threatening to break the $ 100 billion mark. Unlike traditional assets, there is no established standard for arriving at a reasonable value for crypto-coins. Several experts have proposed many different methods to determine the assessment.
One of Bitcoin's most popular advocates and co-founder of Fundstrat Global Advisors, Thomas Lee, believes that Bitcoin's fair value is between $ 13,800 and $ 14,800. It expects the price to recover if the asset class is largely accept and increase the adoption of users.
After this year's bear market, it would be expected that current owners would abandon this asset class so far. However, a study conducted by the Cambridge Alternative Finance Center shows that the number of crypto-coin users with identity verification doubled in the first three quarters of this year – from 18 million to 35 million. Does this indicate a possible recovery in the near future?
Let's examine the charts and try to predict whether the price will fall or rise from the current levels.
BTC / USD
A weak rebound in a second test from a low or critical bracket is a low indication. This implies that the price has not yet reached an attractive level for buyers. Today, Bitcoin fell easily for the annual low of $ 3329.05 and made a new $ 3307.02.
If the BTC / USD pair is reflected by the current support and interrupt the 20-day MME, it will be a positive sign. Such a move can result in a setback for $ 5000.
However, if the rebound of the current level becomes weak, a break of $ 3,307.02 is likely. The next support for the downside is $ 3,000. While $ 3000- $ 3500 is a strong support area, we have yet to see any sign of purchase. If $ 3000 goes into bankruptcy, it could attract more sales, sinking the digital currency further, to $ 2416.52.
The only bullish indication is the positive divergence in the RSI, but if the price does not rise, it can become a low-pitched trap.
XRP / USD
Ripple maintained support of $ 0.28600 over the past seven days but failed to make a significant recovery.
Lack of recovery has increased the likelihood of loss of support. Both moving averages are falling and the RSI is in the oversold zone. This suggests that sellers have an advantage.
The next level to watch is $ 0.24508. If this support is not maintained, the downtrend may extend to $ 0.15. The first sign of a likely change in trend will be a 20-day fall in EMA. Above this level, the pair of XRP / USD can see some purchases and can reach US $ 0.4.
Traders who have long positions can maintain their positions. We will decide to continue to hold the ciprtomonedas or sell them in our next analysis.
ETH / USD
Ethereum has been attached to the basic fund in the range of $ 83 to $ 102.5. This shows a lack of purchase, even at current levels. The lack of promotion in the last three days is likely to attract salespeople.
A break and close (UTC time period) below $ 83 will resume the bearish trend and could sink the ETH / USD pair into next support at $ 66.
The first sign of a relentless sell-off will be a sustained rebound above the 20-day MME. Until then, every fold will be sold.
XLM / USD
After a two-day retreat, Stellar resumed its bearish trend and reached a new annual low. The moving averages with downward slope and the RSI in the oversold area confirm that the path of least resistance is downward.
The next support for the downside is $ 0.08. However, in a strong bearish trend, it is difficult to say that it is a fund, as price continues to reduce support levels with ease.
The first trend reversal signal will be when the XLM / USD pair remains above the 20-day MME. In this case, the setback can be extended to $ 0.184. Traders should stay away from long positions until the price confirms a background fund.
EOS / USD
Although the EOS continues in a bearish trend, it has been trading close to the overall resistance of $ 2.1733 over the past five days. This shows some purchases in pair. However, if the bulls do not quickly escalate the resistance, they will invite you to sell.
A $ 2.1733 fall could reach the MME for 20 days, which will likely act as a strong resistance. The recovery will gain ground if the bulls remain above the EMA of 20 days.
On the downside, a December 7 low of $ 1.55 will pick up the downtrend that could hit $ 1.2. Traders should wait for the EOS / USD pair to mark a change in trend before attempting an operation on this pair.
BCH / USD
After trading at a tight interval for five days, Bitcoin Cash resumed its bearish trend and reached a new low on December 18.
Both moving averages have a downward trend and the RSI is deep in the over-selling territory, confirming a downward trend. There has been no significant setback since the bearish trend gained strength on Nov. 19. This suggests that the bass players are in full control. The BCH / USD pair can now be adjusted at $ 72.39.
Traders should expect the decline to end and mark a change in trend before establishing a long position in the pair.
LTC / USD
Litecoin retreated to a low of $ 23.1. While bulls are advocating support, if they can not raise the price above $ 29,349 in the coming days, there is likely to be a new low. The next lowest support is $ 20.
The moving averages of the downtrend and the RSI in the oversold area show that the bears are in full control. A small ray of hope for bottoming at current levels is the positive divergence in the RSI. However, for this, the LTC / USD pair will have to stay above the EMA of 20 days. Until then, we suggest that traders stay on the sidelines.
BSV / USD
After trading within the range since November 26, Bitcoin SV broke below support at $ 80,352 on December 13. Unless the bulls reverse quickly and increase the resistance of the converted support to $ 80,352, sellers are likely to attack. The next lowest goal is a new test of the Nov. 23 low of $ 38,528, with a likely minor support of $ 57.
The first sign of strength will be when the BSV / USD pair rises again to the range. Although the digital currency is currently trading well above its minimum, it has a brief trading history. Therefore, we suggest operators expect a new purchasing configuration to be formed before purchasing it.
TRX / USD
TRON continues to quote within the symmetric triangle. The bulls are advocating the support of the triangle, while the bass players are not allowing this.
The next stage of the movement will be decided after an exit or immersion in the triangle. A break can result in an increase of $ 0.0183, which probably acts as a tough resistance.
On the other hand, if the TRX / USD pair leaves the triangle, the downtrend will resume. Although the purpose of the escape pattern is $ 0.00554133, we expect some support at $ 0.00844479. Traders should wait for a break and close the triangle to start any long position.
ADA / USD
The fact that Cardano does not return to the previous track will probably attract sales. The bears will now try to lower the support by $ 0.027237 and drop to the next support by $ 0.025954.
On the other hand, if the ADA / USD pair jumps low on Dec. 7, it could stay within the range for a few more days. The first sign of purchase will be when the price remains above US $ 0.035. We can expect recovery to regain strength if the bulls climb the 20-day MME and hold it for three days. Until then, the path of least resistance is down.
Market data is provided by cryptobolse HitBTC. The charts for analysis are provided by TradingView.