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Crypto Weekly Byte: Market Stable But Broader Market Still Weak

05 Jan 2019

Now, we are in the final hours of 2018 and for the crypto market, this year cannot be termed as the best one. With over 90 per cent erosion in total market capitalization, many coins are now struggling to retain value and many coins which once looked promising in the boom period, went out of the market. The ICO market also took a backseat in the second half of 2018 with investors reluctant to put any new money to projects.As of, 31st December 2018, the total market cap is hovering around the $130 billion and from over the past week, the market has been stable after pulling back slightly from the tops of the recent rally.The BTC prices have pulled back from the $4,385 level, as the $4,400 level above offered strong resistance. Since then Bitcoin is trying to form a base around the $3,800 level in order to gain enough momentum to break higher.If we check out with the daily chart, the 50 Day EMA is providing strong resistance and is currently moving downward which indicates further weakness, which is also confirmed by the Stochastic Oscillator. The next major support for the Bitcoin is placed at $3,280 level, which is also the bottom of the current downtrend. In the higher side, Bitcoin needs to break above the resistive $4,400 level to continue moving higher.Ripple (XRP) has corrected over 12 per cent from the tops of the recent bull rally and is currently trading at the $0.3640 level. The market continues to be noisy around the 50 Day EMA slope and is offering strong resistance to the XRP/USD pair. The next major support is placed at $0.33705 level and if it breaks below, then it could possibly reach down to the $0.28815 level.Ethereum (ETH) managed to hold on the gains over the week when all the leading cryptocurrencies were experiencing a bit of sell-off. The Ethereum is continuing to hold around the $140 level, and 50 Day EMA which is offering support to the market is turning higher, which is a positive development for the market and could push the prices higher.In the daily chart, it has also formed a cup and saucer pattern which indicates an increasing buying interest. If the ETH prices break above the $150 level and $180 level simultaneously then it will confirm the presence of bulls in the market. Underneath, the $120 level will offer immediate support to the market.After rallying over 150 per cent in the past week, the Bitcoin Cash prices have crashed almost 25 per cent from the tops of the recent rally. The Bitcoin Cash prices have crashed below the previously supportive 50 Day EMA line, which now is offering a bit of resistance and also it is moving in a downtrend channel, which is negative.I think the Bitcoin Cash prices will continue with its correction mode and next major support is at $140 level.EOS is currently witnessing an extreme selling pressure, with prices crashing from the 50 Day EMA line which was earlier offering a bit of support. The $2.50 level underneath is the next major support to the market and if EOS prices manage to break above the 50 Day EMA which is currently at the $2.70 level, then it would be a nice buying opportunity.Join the Discussion on Telegram

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