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- After the sharp increases, the reasons for the sale are emotional and not technical.
- The XRP is doing well and does not bow to criticism.
- A Russian analyst talks about 10 billion dollars of government purchases.
It rises in Europe with declines in the top three cryptocurrencies, ignoring the news coming from Russia on its intention to transfer part of its vast foreign currency reserves to the encrypted market, in particular to Bitcoins.
Vladislav Ginko, an analyst specializing in cryptocurrencies and the country's presidential advisor on these issues, said the Russian government will prepare an investment of $ 10 billion for the first quarter of 2019 on a total planned investment of $ 470 billion. He also states that the country's foremakers are urgently demanding their capital managers how to convert millions of dollars into Bitcoins.
The investment funds in Moscow are inundated with the demands of the rich Russians "how to buy for $ several million Bitcoins".
– Vladislav Ginko (@martik)
No member of the Russian government has confirmed the news. And for now, it does not seem that the market gives too much credibility. If confirmed, it would be a real revolution and would bring Bitcoin status to a new higher level.
Daily chart BTC / USD
The BTC / USD pair is currently trading at the $ 3,777 level, losing more than 5% in the session. Technically, the move has not changed the previous scenario, but puts pressure on Bitcoin, which has failed to move away from relative lows in recent weeks.
The arrival of equilibrium levels in the MACD tends to cause rebounds against it, as many traders mark these levels as a signal to raise profits and others take advantage of short-term movement.
Below the current price, the first level of support is $ 3,700 (support for price congestion). The second support is $ 3,600 (support for price congestion). Below current prices, BTC / USD would lose the bullish momentum and reopen the doors to the media's hell. The third level of support is $ 3,275 (support for price congestion), a level able to test the nerves of many operators.
Above the current price, BTC / USD has the first resistance at the price level of $ 3,900 (resistance to price congestion). The second resistance level is $ 4,120 (EMA50). The third resistance level is $ 4,400 (resistance to price congestion). This last level of resistance is fundamental and its exceeding could bring the BTC / USD to a period of substantial increases.
The MACD in the daily range shows a downward profile within the bullish region of the indicator. The normal model should bring the averages to neutral at zero in the coming days. From this point on, it should cross the bullish channel again to resume the uptrend.
The DMI in the daily range shows a profile similar to that seen in the BTC / USD pair. The big difference is that in the case of Ethereum the bulls are hesitating and withdrawing. Bears smell fear and climb very aggressively to bulls, but without going beyond them.
Daily XRP / USD chart
XRP / USD is currently trading at the price level of $ 0.348. This price coincides with a level of support for price congestion. XRP has been acting better than Bitcoin and Ethereum for four days. It goes down like them but with less intensity.
Below the current price, the first level of support is $ 0.345 (price congestion support). The second level of support is very far to $ 0.32 (support for price congestion). The third support level is $ 0.297 (price congestion support). If XRP / USD loses the price level of $ 0.336, it will enter the gap interval left on December 5 and complicate the situation.
Above the current price, the first resistance is at the price level of $ 0.368 (resistance to price congestion). The second level of support is at $ 0.373 (EMA50). Above this second resistance, we encounter the "problem" of Ripple: a bullish hole that reaches $ 0.412 (resistance to price congestion) and that will undoubtedly consume a lot of capital to conquer it.
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