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Cryptocurrencies as an asset class are maturing and cutting out their niche. While equity markets have had their worst week in the last 10 years, crypto markets have bounced off the lows, showing the first signs of recovery.
However, after the massive destruction of wealth throughout the year, it will take more than a rebound to confirm the start of a new uptrend. Although these rebounds are a good opportunity for short-term traders, investors must look for large teams that mark the start of an uptrend.
After the initial rebound, traders will look for signs of fundamental improvement before entering with new money. Therefore, even if the rebound is a positive sign, it is not yet a clear signal. Let's have a look at the five best artists this week.
BCH / USD
Bitcoin Cash has seen massive purchases during the week. It turned out to be the best performing cryptocurrency with a huge margin. The surge has contributed to tracing the fourth place in terms of market capitalization.
However, before the start of the rally, the price of Bitcoin Cash was overtaken by Ethereum for the first time ever, which shows the kind of damage the bear market and its hard fork had on it. So, after the recent recovery, what awaits us in the near future? Let's find out.
We will consider only the period following the most recent hard fork. From a maximum intraday of $ 451.35 on November 15th, the BCH / USD fell to an intraday low of $ 73.5 on December 15th. This is a decrease of 83.71% in a month. Since cryptography markets are extremely volatile, we always support trading with the use of stop loss.
The main trend is still low, but the short-term trend seems to change. The 20-day EMA is growing and even the RSI is in positive territory, which confirms our perspective.
However, even after the recent withdrawal, the cryptocurrency has been reduced to almost 50% in the last autumn. We expect strong resistance to $ 262.43, as even 50-day SMA is at this level.
If BCH did not give up much in the next two days, it would suggest strong buying support at these levels. If the bulls sustain the price over the 20-day EMA, the probability of a rally will increase to $ 307.01, which is a Fibonacci retracement of 61.8 percent of the fall.
However, if the bears jump again and sink the price under the 20-day EMA, they can go back to the lows.
IOTA / USD
The IOTA and Audi Foundation teams presented the results of their five-month project to a selected audience. The goal was to find solutions for real-world problems in the fields of mobility, the Internet of Things and the automotive industry.
The IOTA Foundation announced a new hash function called "Troika", developed by CYBERCRYPT. Although he completed several review cycles, the foundation opened it to the public for evaluation. The team or individual who splits her can come out with a cash prize of € 200,000.
The IOTA / USD has postponed a lot of ground from its record high of $ 5.8 recorded in December last year. From its peak, the price fell to $ 0.2051 on December 7, where purchases have emerged.
Even though the price has rebounded by around 77% from its lows, the current price has still fallen by about 94% from the highs. This confirms that the main trend is declining, but there are signs of a change in the short-term trend.
The 20-day EMA has started to appear and the RSI is in positive territory, suggesting that the bulls have the upper hand in the short term. Currently, the recovery is facing a 50-day resistance to SMA, which is sloping.
If the bulls come out of this, a move to $ 0.4037 is likely, followed by a rally to $ 0.5095. On the other hand, if the price falls from current levels, you may find support for the 20-day EMA. A break of this support can cause the virtual currency to sink to $ 0.25 and below $ 0.2051.
Traders holding long positions from lower levels can book partial profits and follow their stops higher on the remaining position. Others, who are waiting to buy, can wait for a higher minimum to be formed before jumping to buy.
TRX / USD
The number of TRON mainnet accounts has exceeded 900,000, a significant milestone. Its network has continued to grow in the bear market and has now processed over 100 million transactions. The growing numbers will have a higher price? Let's find out by studying the couple's weekly chart.
The TRX / USD pair interrupted the overload resistance and returned to the $ 0.01587681- $ 0.02990592 range again. The price had remained within this range since mid-August before collapsing four weeks ago.
However, the bears could not capitalize on the break and push the lowest price. Aggressive purchases at lower levels pushed the price back into the range. This confirms that the markets rejected the lower levels.
Digital currency can now go back to the next environmental resistance at $ 0.02990592. We expect this level to act as the main block for the bulls. However, once this line is crossed, the cryptocurrency should start a new uptrend.
On the downside, if the price remains above $ 0.01587681, it may be a purchase opportunity. The downward trend will resume if bears sink the pair below $ 0.01089965.
BSV / USD
At one point, Bitcoin SV and Bitcoin Cash were trading for only $ 10 separately. However, the subsequent recovery of both cryptocurrencies saw the rise of Bitcoin Cash. Will Bitcoin SV play on the upside or will their performances diverge? Let's find out.
The BSV / USD pair traded within the range of $ 80.352 – $ 123.98 as of November 26th. The rupture of December 13th proved to be a short-term deal, as the price quickly rose again by December 17th. This shows that the markets rejected the lower levels.
The next rally brought the price at the top of the range. Efforts to get out of action were not supported on December 20th and December 21st. However, a positive sign is that virtual currency has not given much ground, which demonstrates the purchase of support.
If the price remains above $ 100, it is likely that the bulls come out of the range again. If successful, the next upside target is $ 167.608.
On the contrary, if the cryptocurrency can not get out of the interval, it could slip to the bottom. Downward supports are at $ 80.352 and $ 65.031.
DASH / USD
Dash has made tremendous progress in the Venezuelan economy. Approximately 2,500 traders in Venezuela accept Dash payments, which are more than half of the 4,500 merchants worldwide who accept it.
Recently, Chicken & # 39; s Church restaurants have started accepting Dash payments in Venezuela. With its rising popularity, Dash's partner is not a surprise Kriptomobile managed to sell 53,000 KRIP phones in Venezuela so far.
The trend of the DASH / USD pair is clearly falling. It's been on a one-way move since it came to $ 1625 in December 2017. This week, the price had risen to three digits from a minimum of $ 56,214 last week. Although the rebound is impressive, it can not be considered a trend change.
In order for the trend to change, the price will have to stabilize, form a basic model and then report a trend reversal. If the purchase continues, the pullback can reach $ 120, followed by a move to $ 160.805, the level from which the current part of the downtrend began.
On the downside, support is $ 80 and below $ 60. The downtrend will resume if bears sink virtual currency below $ 56,214. Even if short-term traders can make this move higher, investors should expect a new buy configuration to be formed on the weekly chart before establishing new long positions.
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