The crypto market starts the new year in a good way, with the recent long holiday weekend showing a solid increase, which in a few hours cancels the negative trend recorded during the month of December. The major cryptocurrencies are back to the levels of November.
As often happens, it is Bitcoin to lead the bullish movement, despite the fact that during the last three days the first signs of possible bullish reversal came from Ethereum.
Today ETH, unlike Bitcoin, is falling below par, but this should not be misleading because in recent days Ethereum has recovered the $135-140, levels where profit taking is prevailing during these hours.
Another crypto with a price increase is Ripple, which is marking a reversal of the trend. In the last 24 hours, XRP is exceeding 10% and is achieving one of the biggest increases on a daily basis.
Chainlink performs better than Ripple: LINK is also marking a double-digit increase (+10%) and is back above $2, a level that for the first half of December has been an important support now become resistance in the medium term. Chainlink, among the best performances of 2019, continues to give confirmations of good resilience despite the difficulties of the last month and a half.
Monero today also confirms the rise of the last few days, with a 2% gain which, when added to the last few days, brings XMR to score one of the best performances on a weekly basis with a 20% gain that allows Monero to climb to 11th position.
Tezos continues to do badly. After the strong rises that characterised it in December, in contrast to the trend, reaching the 10th position in the standings, today it drops by 4% sliding back to $1.27, returning close to the mid-term support test at $1.24. The decline from the mid-December highs is 30% with a slide to 14th position with just over $880 million in capitalisation.
The total capitalisation returns to rise and to review the $210 billion, which hadn’t been reached since the last ten days of November. Bitcoin is still anchored at 69% dominance, while Ethereum, despite the good performance of these hours, falls back a few percentage points from yesterday’s levels, returning to the average of the last 15 days at 7.3%. Ripple, with the last rise, tries to confirm itself above 4.5%, the average level that has been characterising it in the last month.
Bitcoin (BTC) price increase
Bitcoin pushes to test the $8,000 threshold, a level that it failed to break twice in late November and early December.
It’s the third time in a month that prices try to recover the $8,000 by attracting the Bulls, which would lead to a break in the level of psychological resistance, opening up space to test first the $8,250 (first level of dynamic resistance in the medium term) and then the threshold of $9,300-9,400 where the second dynamic resistance is positioned in the long term.
Ethereum (ETH) price increase
After trying twice to break $135 unsuccessfully, the movement that caused the upward explosion above this level coincided with the long-term bearish dynamic trendline that has characterised Ethereum’s downward movement since last July’s highs. This movement leads for the first time Ethereum to revise the $145 area after more than three weeks.
For ETH, it is important to consolidate the movement between $135 and $140 to aspire to push into the $155 area, which remains a hostile resistance for the trend of the queen of altcoins in the medium and long term. The $155 remains a crucial area for a bullish return by Ethereum’s quotations.
The recent movement that brought ETH from $125 to $145 would be cancelled if prices were to return below the $130-125 threshold in the next few hours and days.
which in a few hours cancels the negative trend recorded during the month of December. The major cryptocurrencies are back to the levels of November.
As often happens, it is Bitcoin to lead the bullish movement, despite the fact that during the last three days the first signs of possible bullish reversal came from Ethereum.
Today ETH, unlike Bitcoin, is falling below par, but this should not be misleading because in recent days Ethereum has recovered the $135-140, levels where profit taking is prevailing during these hours.
Another crypto with a price increase is Ripple, which is marking a reversal of the trend. In the last 24 hours, XRP is exceeding 10% and is achieving one of the biggest increases on a daily basis.
Chainlink performs better than Ripple: LINK is also marking a double-digit increase (+10%) and is back above $2, a level that for the first half of December has been an important support now become resistance in the medium term. Chainlink, among the best performances of 2019, continues to give confirmations of good resilience despite the difficulties of the last month and a half.
Monero today also confirms the rise of the last few days, with a 2% gain which, when added to the last few days, brings XMR to score one of the best performances on a weekly basis with a 20% gain that allows Monero to climb to 11th position.
Tezos continues to do badly. After the strong rises that characterised it in December, in contrast to the trend, reaching the 10th position in the standings, today it drops by 4% sliding back to $1.27, returning close to the mid-term support test at $1.24. The decline from the mid-December highs is 30% with a slide to 14th position with just over $880 million in capitalisation.
The total capitalisation returns to rise and to review the $210 billion, which hadn’t been reached since the last ten days of November. Bitcoin is still anchored at 69% dominance, while Ethereum, despite the good performance of these hours, falls back a few percentage points from yesterday’s levels, returning to the average of the last 15 days at 7.3%. Ripple, with the last rise, tries to confirm itself above 4.5%, the average level that has been characterising it in the last month.
Bitcoin (BTC) price increase
Bitcoin pushes to test the $8,000 threshold, a level that it failed to break twice in late November and early December.
It’s the third time in a month that prices try to recover the $8,000 by attracting the Bulls, which would lead to a break in the level of psychological resistance, opening up space to test first the $8,250 (first level of dynamic resistance in the medium term) and then the threshold of $9,300-9,400 where the second dynamic resistance is positioned in the long term.
Ethereum (ETH) price increase
After trying twice to break $135 unsuccessfully, the movement that caused the upward explosion above this level coincided with the long-term bearish dynamic trendline that has characterised Ethereum’s downward movement since last July’s highs. This movement leads for the first time Ethereum to revise the $145 area after more than three weeks.
For ETH, it is important to consolidate the movement between $135 and $140 to aspire to push into the $155 area, which remains a hostile resistance for the trend of the queen of altcoins in the medium and long term. The $155 remains a crucial area for a bullish return by Ethereum’s quotations.
The recent movement that brought ETH from $125 to $145 would be cancelled if prices were to return below the $130-125 threshold in the next few hours and days.
