Last week the cryptocurrencies performed in line with our predictions. Let us take a look at the predictions for this week:
Being a prominent player, Bitcoin price fell down from a high of $3660 (Bitcoin price analysis, 10 Dec.) to the retracement price level of $3200 ($3217 as actuals). The price is lurking around retracement level forming a very shorter-term trend. If it recovers to $3380, there is a probability of a shorter term upward move till it gains traction to $3600. However, the big upward move is still a doubt as there is no momentum to support the move.
On the other side, if the price falls below $3250, it may plunge down further until it reaches $3200 (a good support area). However, if the market is bearish, the price may fall down to $3150. Nevertheless, if there is any serious downfall it may stumble down to $2750, however, with lower possibilities.
At the time of writing, Ripple has held the support area (shorter-term trend) for 100-day SMA (Simple Moving Average) and move upwards to $0.3179.
However, failing to sustain the 100 days SMA may result in a price drop to $0.2929 and plummet to $0.2562 on medium-term. If we look at the past week price analysis, as XRP couldn’t stay at the level of $0.317, bears took it to a new support level of $0.2860, the longer-term vigilant level assuming a low trade volume.
The shorter-term downward trend pulled it to the low support level of $83 last week, whereas our trend support stood at the double bottomed area of $80. But when we consider the retracement upward, it forms a shorter-term bull movement.
At $90.80, bulls can lift and push it to $102.50 soon. Or the bearish trend of $82.40 breaks, the price of Ether can cause a deeper plunge. The traders can wait at the safer strong support level at $82.40.
Stellar gave a bearish move till $0.09145, as predicted by the last week price analysis.
If it drops below 0.0900 it can plummet to $0.07348. Alternatively, a recovery to $0.1100 can guide up to $0.12724.
As already mentioned that Tether USD is based on US Dollar, the volatility is low.
In line with our last week prediction, USDT held the support of $0.98550 and gained back to $0.9960, closer to the week’s high level of $0.9980. It has again retraced to the supporting trend and double bottomed area at $0.9855. Further being bullish, $0.9950 may gain up to $1.005. An alternative downward move to $0.9941 may trigger a retrace to $0.9878 and on failure to hold may contract to $0.9803.
Disclaimer: We are NOT financial advisors, and none of this advice should be taken without speaking to a qualified professional first. Further, do NOT invest more than you’re willing to lose, and do your own research first.