CryptoCurrencies: the bears still prevailing
Bitcoin (-0.48%) is not able to find enough buyers to push its price back in the ascending path. Ethereum( +0.74), Litecoin ( +1.09), and Eos ( +0.91), on the other hand, managed to hold some gains. The Ethereum token section is mostly green, with FSN (+62.7%) ENG (+38%) and DX(+22%) being the best performers.
Fig 1 - 24H Crypto Sector Heat Map
The market capitalization is currently $232.027 billion, and the 24H traded volume moved to $25.290 billion, which corresponds to a thin volume. Also, Bitcoin dominance is held at 65.7%.
Fig 2 - 24H Crypto Market Cap and volume
Hot News
Ethereum 2.0 Phase Zero will start its phase zero beginning in Q1 of 2020, according to a recent simplified sharding proposal. This proposal has reduced the number of shards from 1024 to 64, as revealed by Ethereum's researcher, Danny Ryan. He said that the reduction in the parallel chains from 1024 to 64 would imply a decrease in the amount of needed computations, and it would get substantial gains in data availability.
Venezuela's President Nicolás Maduro announced the pensioners would receive their Christmas extra-pay in their new cryptocurrency, Petro. Petro, launched in February 2018, is backed by the oil and gold reserves in the country. The Venezuelan government has assigned the bi-monthly amount of one million Petros for the states of the country. It was also revealed that the government would create Agricultural and Industrial Petro funds.
Technical Analysis - Bitcoin
Chart 1- 4H Bitcoin Chart
Bitcoin has lost all the gains acquired on Sunday, so the bearish sentiment keeps prevailing. As seen on the 4H chart, the price of the currency bounces back from the descending trendline, and its price continues moving in the lower segment of the Bollinger band. Also, this weekend, the 50 SMA has crossed the 200 SMA to the downside. On the other hand, the price is touching the support area made in October, although we must say that the area extends down to $7,700.
The immediate support level is $8,400, followed by $8.300.
| Supports | Pivot | Resistances |
| 8,368 | 8,500 | 8,635 |
| 8,235 | 8,767 | |
| 8,100 | 8,900 |
Ripple
Chart 2 Ripple 4H Chart
Ripple is currently struggling to hold the $0.16 level after wiping the gains made last Sunday. The price is also clearly downtrending after yesterday's attempt to cross the upper side of its Bollinger bands. XRP moves below its 20, 50 and 200 SMA and the MACD in negative territory, all this shows the price is in a descending path. The price is now, as said, touching the $0.26 key level.
| Supports | Pivot | Resistances |
| 0.2600 | 0.2630 | 0.2670 |
| 0.2560 | 0.2710 | |
| 0.2530 | 0.2750 |
Ethereum
Chart 3 - Ethereum 4H Chart
Ethereum is behaving move positive than Bitcoin and Ripple. The price is dragged by the bearish sentiment of the sector, but still, it is managing to hold in a kind of sideways movement, and its upward impulses hold longer than on BTC or XRP. The price moves in the upper side of the Bollinger bands and currently seems trapped by a band between its 200 SMA and its 50 SMA. The levels to keep an eye on are $180 to the downside and $185 to the upside.
| Supports | Pivot | Resistances |
| 180.00 | 183.00 | 186.00 |
| 177.00 | 190.00 | |
| 174.00 | 196.00 |
Litecoin
Chart 4 - Litecoin 4H Chart
Litecoin has, also, been able to hold better, and is currently holding part of the gains acquired on Sunday, its price moving in the upper side of the Bollinger bands and above its 200 SMA. The price also broke the line that formed the last bearish descent, a good sign for the buyers. If the bearishness of the sector fades, Litecoin will surely be one of the movers.
| Supports | Pivot | Resistances |
| 58.00 |
59.10 |
59.10 |
| 56.70 | 61.50 | |
| 55.60 | 63.00 |
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
