Market trends bulletin — Insights 2.0 Vol 20

Market Analysis:

Bitcoin started an uptrend from 17th December 2018 as this date marks an important landmark for the coin. On 17th December 2017, it made an ‘All-time yearly high (ATYH)’ of 19798 USD and then entered into major bear market phase. As you can see in the charts given below, surprisingly, the coin started pumping from the exact date and as usual, all altcoins started pumping following the trend.

From technical and sentiment analysis perspective the market view is bullish. Now let’s have look at the technical analysis of Bitcoin and Ethereum as most of the altcoins are paired with them.

Bitcoin (BTC):

Bitcoin (BTC) is currently trading at 4179 USD (as of 24 December 2018, 12.08 IST) with the rise of 5.98 % in last 24 hours. As per weekly timeframe analysis, BTC bounced nicely from Moving average support (200 MA) within weak horizontal support zone range (2972 USD — 4377 USD). The weekly candle is closed as “Bullish Belt Hold” pattern with high volume. More bulls are expected to join the party in upcoming weeks. BTC is expected to face resistance at weekly strong resistance zone (5846 USD — 6153 USD).

Ethereum (ETH):

Ethereum (ETH) is currently trading at 146 USD (as of 24 December 2018, 12.16 IST) with the rise of 12.83 % in last 24 hours. As per weekly timeframe analysis, there was no reason for ETH to start an uptrend. ETH simply followed the bullish trend of BTC like other altcoins. The Weekly candle is closed as a “Bullish Belt Hold” pattern with high volume. ETH is expected to face resistance at weekly strong Resistance zone (167 USD — 195 USD).

Stay tuned for interesting and valuable market insight nuggets next week!

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