The month is coming to a close, with Bitcoin and Ethereum prices recording their second worst performance of the month since trading began.
Only in November 2018 did the monthly close surpass the current debacle with a loss of 36% for Bitcoin – the worst loss ever – and 42% for Ethereum – the third worst loss by order of magnitude.
The weekly rises reverse the negative trend that characterized the previous weeks of the month, lighting a slight positive light among traders who directly or indirectly suffered from the FTX storm.
A glimmer of hope also highlighted by the Fear&Greed indicator, which over the weekend rises to 28 points moving out of the ‘Extreme Fear’ zone to ‘Fear’ for the first time since the FTX exchange filed for bankruptcy .
Prominent among the Big names are the rises of Litecoin (LTC) and Dogecoin (DOGE) closing both with weekly gains of more than 20%.
They bode well for the positive closings of tokens linked to the Solana (SOL) and Cardano (ADA) open source projects, alternatives to the Ethereum blockchain, which have been particularly attacked by declines in previous weeks.
The SOL token closes the week with a good 15% rise trying to get back above $15, a level abandoned on 12 November. ADA is struggling, which after 3 consecutive weeks in the red tries to curb sales by closing the week preceded by a positive sign (+0.3%).
Summary
Prices of Bitcoin (BTC) and Ethereum (ETH)
Bitcoin: value and forecast
The weekly upward close just above 1% may be misleading.
The price of Bitcoin (BTC) appears to be moving through quicksand. In fact, with Sunday’s close in the red, there have been four consecutive down days, highlighting the difficulty of getting back above the $16,500 resistance.
It is necessary to bring back above this level by confirming the daily close for several consecutive days in order to have a first clear technical signal of restart increasing the chances of regaining the $16,800 to head towards the crucial threshold of the $17,000 resistance.
Value of Ethereum
For the first time since late October, the price of Ethereum (ETH) manages to close 3 consecutive daily cycles on the upside.
This is a positive signal that will need to be confirmed later this week.
The close of the weekly cycle ended with the price just above the 50% Fibonacci retracement level, confirming the bullish trend.
The holding of the $1,150 support may be the springboard to move back above $1,230 during the week welcoming the last month of the year.
