Market update: encrypted prices start to fall as the year approaches

Market updates

Most cryptocurrencies were successful on Christmas Day, losing between 5-10% after a fair set of solid earnings last week. Some traders had speculated that digital goods markets would have been rather boring during the holidays, but the correction was deep and fast. At the moment, the entire economy of cryptocurrency is worth 126 billion dollars as traders are waiting with curiosity for the next big move.

Read also: Year in review: the best stories of cryptocurrency of 2018

Crypto Markets Show It's Too Soon to Call the Bottom

The cryptocurrency markets slightly consolidated after suffering deep losses during the early morning hours of December 25th. The volume of global trade for the entire digital resource ecosystem had dropped by a few billion from last week's price spikes and bulls are starting to show signs of exhaustion. This Wednesday, the combined valuation of all over 2,000 cryptocurrencies in terms of 24-hour trading volume is around $ 17.4 billion. The Bitcoin core (BTC) is trading for $ 3,792 at the time of publication and its markets are capturing $ 5.4 billion worth of today's cryptographers. BTC is down 0.14% in the last 24 hours and down 1% during the week. The second largest market capitalization is ripple driven (XRP) which is traded for $ 0.36 per currency. Ripple markets are down 1.7% in the last day and are down 1.5% for the week.

Ethereum (ETH) has performed much better in recent days, with the ETH markets up 0.55% today and 21% over the last seven days. ETH is trading at $ 127 per currency and has a total market capitalization of around $ 13.2 billion. Finally, the fifth largest market valuation is still held by EOS (EOS), where each token exchanges for $ 2.52. EOS has a market capitalization of $ 2.2 billion and today is up 1.8%, but down 3.9% for the week.

Action on the Bitcoin cash market

Bitcoin liquidity markets (BCH) are still doing very well this week after the phenomenal gains of 140% last week. BCH is still up 32% in the last seven days and the markets have increased by 3.2% in the last 24 hours. Currently, BCH trades $ 168 per currency and the market has a total valuation of about $ 2.9 billion. The volume of trade is about $ 100 million less than a few days ago as today's global trading volume is around $ 551 million.

The first five exchanges that exchange the most bitcoin cash are Lbank, Binance, Huobi, Coinbase and Hitbtc. Lbank and Binance capture about ⅓ of today's BCH operations. The main currency today coupled with BCH is the tether (USDT), with 47.3% of trades. This is followed by BTC (20.9%), ETH (16%), USD (7.4%), JPY (3.9%) and KRW (1.9%). Bitcoin liquidity is the sixth cryptocurrency traded on Wednesday over litecoin but below the ripple volume.

Technical indicators BCH / USD

Although the other day was a sizable decline, some indicators on the rankings still seem bullish. Looking at the four-hour BCH / USD chart on Bitstamp, the two simple moving averages will cross hair very soon, as the 100 SMAs could climb over 200 long-term SMAs. For now, the path towards the least resistance is still the negative side, but in the short term it seems that a trend change may appear.

At this time the Relative Strength Index (RSI 4-H -44.96) is snaking in the middle, indicating more uncertainty. Holidays may take a slight pause while the Stochastic reports the same results over a wide range of trading ranges. Looking at the order books, the bulls need to gather more strength to re-enter the $ 200 region and make progress. On the back, the bears will see pit stops up to the $ 150 range and some other speeding if they fall below that price range.

The verdict: uncertainty remains strong

This week saw traders pick up ideas on Tradingview, some discussions between swing traders on Twitter and Telegram's trading channels that show that people think the "fund" has not yet been reached. The decline in trading volume was predictable during the holidays between Christmas and New Year and the analysis of the volume of trade in the market may not be a great source of confirmation this week.

BTC / USD is ETH / USD the shorts are still well above normal, but significantly less than two weeks ago. If digital asset markets can not maintain the 50-day exponential moving average (EMA), traders may see even lower funds in the near future. Overall, uncertainty remains high for traders who do not attempt to call the fund. Their position is prudent as price disappointments have been one of the few certainties during the whole year.

Where do you see the price of BCH, BTC and other coins from here? Let us know in the comments below.

Disclaimer: Price items and market updates are for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor is the author responsible for any losses or gains, as the final decision to conduct a trade is taken by the reader. Always remember that only those in possession of private keys have the control of "money".

Images via Shutterstock, Trading View, Coinlib.io, Bitstamp and Satoshi Pulse.

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