Market trends bulletin — Insights 2.0 Vol 18
Market Analysis
Bitcoin (BTC) is currently trading at 4039 USD (as of 03 December 2018, 12.25 IST) with the fall of 3.19 % in last 24 hours.
From the sentiments point of view, the global crypto community is neutral because G20 nations including India signed a joint declaration to regulate crypto assets for anti-money laundering and countering the financing of terrorism in line with FATF standards which is good news for the crypto community.
Now let’s take a look at the technical analysis of bitcoin and few altcoins. Most of the altcoins have broken their long-term support zones as per weekly timeframe so altcoin analysis is provided only on the basis of candlestick analysis. IOST, ZRX and NCASH have formed similar trends and candle patterns. The probability expressed for these altcoins depends partially on the bitcoin trend.
Bitcoin (BTC):
As per weekly timeframe BTC has tested weak support zone (3500–4100 USD) and successfully closed weekly candle above it as “Bullish spinning top” with high volume. There is a medium probability of uptrend from this support zone.
As per daily timeframe, BTC has formed a symmetrical triangle pattern. A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown.
Internet of services (IOSTBTC)
IOSTBTC is currently trading at 0.00000120 BTC (as of 03 December 2018, 13.36 IST) with the fall of 0.83 % in last 24 hours. As per weekly timeframe, IOST has formed “Bullish Inverted Hammer” candle pattern with high volumes so there is a high probability of an uptrend.
Nucleus vision (NCASHBTC):
NCASHBTC is currently trading at 0.00000055 BTC (as of 03 December 2018, 13.38 IST). As per weekly timeframe, NCASHBTC has formed “Bullish Inverted Hammer” candle pattern with high volumes so there is a high probability of the continuation of the uptrend. The resistance levels to watch out for NCASHBTC will be the Fibonacci retracement level at 23.60% (0.00000059) and 38.20%(0.00000066)
0x Protocol (ZRXBTC):
ZRXBTC is currently trading at 0.00009732 BTC (as of 03 December 2018, 13.49 IST) with the rise of 0.3 % in the last 24 hours. As per weekly timeframe, ZRXBTC has formed “Bullish Inverted Hammer” candle pattern with high volumes so there is a high probability of uptrend to continue with resistance levels shown in Fibonacci retracements zones.
Stay tuned for interesting and valuable market insight nuggets next week!
Disclaimer: This article is for information purposes only and should not be treated as an investment advice. Investments in cryptocurrencies are speculative and are subject to market risks. No one should make any decision regarding investment in cryptocurrencies without conducting his/her own research and due diligence. Koinex does not warrant the accuracy of the information provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. You agree and acknowledge that neither Koinex and its affiliates, nor their directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information provided hereunder.
