December 16: Price Analysis BTC, ETH, BCH, IOTA, XRP, LTC, DASH
Dec 18, 2017 Posted / 1211 Views
When we evaluated the performance of Bitcoin Futures Trading during the first week, we found that the trading amounted to only a tiny proportion of cash Bitcoin transactions. Futures volume is far too low and can be considered as ‘standing in dismay’ at $60 million per day, compared to the everyday cash transactions of about $8.5 billion.
However, CME Bitcoin futures trading which begun on Sunday suggests that large brokerage houses are expected to follow the arrangement and allow their clients to trade in Bitcoin futures. Moreover, if this happens, we can possibly witness the futures volume to pick up. Nonetheless, the analysts are expecting the participation of more conventional investors or believers to enhance the market capitalization of Bitcoin and the cryptocurrency. Some analysts consider that futures trading will assist the cryptocurrency market capitalization to accomplish $1 trillion target and get even higher.
Nevertheless, these are the long-term forecasts and we will quickly divulge in the possible movement of cryptocurrencies in the short-term.
Well Bitcoin is having an amazing market time; it ascended after a three-day consolidation period of last week. This can be considered as a bullish development. The breakout might display a pattern of developments occurring in Bitcoin lifetime and likely assimilates the short-term target price of $24,291.58. However, it can be considered that this target is unlikely to be achieved in a hurry as the cryptocurrency may face some resistance at $20,000.
The bullish reports according to the analysts will be quashed if the bears overwhelm the bulls and further sinking the digital currency below $15,200 levels. However, with the beginning of futures trading on CME, we can anticipate an augment in volatility. Consequently, traders should retrace their positions in the coming days and wait for volatility subdues. Intraday traders, on the other hand, will get abundant prospects to rest stakes on both sides of the trade.
The analysts predicted the fall and Ethereum did fall to a low of $610.03, which makes 50% of Fibonacci retracement level. The long tail in the last week confirmed that bulls are ready to buy the dips. Nonetheless, the failure of Ethereum to break out to new high depicts that bulls are planning for profits at higher levels. As a result, Ethereum is expecting to remain in certain price range ($610.03 on the downside or $780 on the upside)
However, if the bulls’ maintain the upper tract, they will be aiming $995.99 in their next short-term plan. These targets are only speculations based on the technical analysis. It is possible that these targets are not met and the scenario is changed accordingly. Consequently, traders must all the time pursue their stops higher to uphold their profits and not be absorbed by a specific target.
Bitcoin Cash (BCH)
The cryptocurrency market closed well above the range on Dec. 14, which should have ideally pushed Bitcoin Cash to its target $2,387. Sadly, it could not cross $2,100 levels. Consequently, bears tried to thrust the cryptocurrency back into the range. However, the bulls made strong efforts and it closed above $1,758 levels for consecutive three days. This is a positive sign and the next move will begin once the price breaks out of $1,950. Consequently, it is recommended to hold the spots with the stop-loss at breakeven. However, the bullish view will be reversed once the price dips below $1,520.
The analysts had recommended traders to book partial profits because they expected a tough resistance at $0.86. On Dec. 14, Ripple broke out at $0.88268. On Dec. 15 XRP was back to the 38.2 % Fibonacci retracement of the rally. However, the lower levels unrelenting appealed to buying from the bulls. The experts anticipate the bulls to break out from the lifetime highs again. If successful, Ripple will make a rush towards $1 or more. But, on the contrary if bulls do not succeed to breakout and maintain the record-high surge, the market will witness a few days of range specific trading between $0.61- $0.88268.
The analysts were rightly anticipating a fall owing to the 20-day EMA and on Dec. 14-15 IOTA fell close to the 50 % Fibonacci retracement levels of the rally. The bulls did buy the fall to maintain the support levels. However, the cryptocurrency has for a prolonged period face opposition in every rise. The statistics will become bullish in the short-term only on a breakout and end beyond the downtrend line.
However, if price fails to breakout of the downtrend line, it will form a descending triangle pattern, which will be considered as a bearish development. It will be a negative breakdown and close will be below the critical support of $3.032.
The analysts predicted a period of consolidation during the earlier analysis and as expected, the bulls bought the dips of $243.86, 38.2 percent Fibonacci of the rally. However, the experts still deem that the price-range between $300 and $342.237 will continually act as a rigid resistance level. They also believe that subsequent to the clever rally, Litecoin will be range-bound. While, the next target objective will be upside in a rally to $497.53.
Dash set its target at $1,199.01, and at present it is supporting above $815, which is again an affirmative scenario. Nonetheless, Bears did made an unsuccessful attempt to push Dash back below $815 on Dec. 15. This amplifies the likelihood of an inclining breakout of $979 and a rally is staggering to the target objective. The bulls will be nullified if it falls and retracts below $815. Even the traders who purchased long positions with the previous week’s analysis ought to increase their stops to $780 on the residual 50 percent positions.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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