Bitcoin, Bitcoin Cash, Ethereum, Ripple: prices, charts and analysis
- Ethereum (ETH) and Ripple (XRP) rise while buyers take control of the market in the short term.
- The turnover of the market doubles to the maximum of several months.
Cryptocurrency market: more double-digit earnings
Last week's crypto rally continues until the end of the year with the market flooded with high-volume double-digit earnings. The market has gone from being oversold to become overbought in the short term, but buyers continue to push the market higher up the line. The volume of trade has doubled to about 25 billion dollars a day, a maximum of several months, to guarantee the credibility of the rally. The last rally had no particular trigger, although most of the coins were traded in heavily oversold territory, while the latest sales in the global equity space may have added some splendor to the cryptomarket space.
While this Sanata rally will help the holders, the market still remains in a long-term downtrend, with most of those scrambled down by 85% or more this year compared to January peaks. Every long-term rally will be driven by fundamental changes through regulation or the mass adoption of the underlying blockchain technology and not just from the trader's fear of losing (FOMO).
Bitcoin, Ethereum, Price ripples increase after hitting huge oversold conditions
If you are interested in trading in the cryptocurrency market, we have produced aGuide to day trading for Bitcoin and other cryptocurrenciesto help you better understand this highly volatile asset class.
Ethereum (ETH) Increases by 60% in one week
After trading in the invading unsold territory, Ethereum is righttaller red and is changing hands at levels seen last week five weeks ago. The currency now points to the $ 167- $ 187 level which holds the low of August 14th / September 21st to $ 250. The RSI indicator shows ETH as heavily overbought, confirming the IG Retail Indicator which shows that 91% of investors are net-long of Ethereum and have increased their net-long over last week. This gives us a strong bearish contrarian signal.
DailyFX analyst and Elliot Wave expert Jeremy Wagner highlighted the potential rally in Ethereum and Ripple recently in one of his regular webinars.
Chart of the four-hour price of Ethereum (October – 24 December 2018)
Investors remain net cryptocurrencies but recent changes provide us with a mixed trading bias across the space with some scrambles showing contrarian bullish readings while other negative remian. You can subscribe to IG Sentiment Indicator of the client free to get updated positioning data.
Cryptocurrency trader Resources: accounts, guides, sentiment indicators and webinars for free practice negotiation
If you are interested in trading with Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you start your journey. We have a Introduction to the Bitcoin Trading Guide with a Free demo account so you can practice trading on this volatile asset class.
What's your opinion? on the latest cryptocurrency rally? Share your thoughts and ideas with us using the comments section at the end of the article or contact me on Twitter @ nickcawley1 or via e-mail at address firstname.lastname@example.org.
— Written by Nick CawleyAnalyst.