Bitcoin for weeks kept in a negative way in relation to its beginning, fell by almost 18%. Thursday after reaching a low near 12 677$ schedule still tried to correct, but the venture was not a success. By the end of the weekend 13 -14 Jan local championship was taken by the bears.
As far as the growth leader of the year, ripple’s (XRP), this time he was an outsider among most capitalized cryptocurrency, the decline was more than 40%. From the point of view of technical analysis it goes in the direction of the downward trend, and, apparently, this movement will continue next week. At least it would before the advent of news that could provoke a new wave of growth.
If you pay attention to the second of the capitalization of the cryptocurrency last week, ether (ETH), he has pleased buyers. The price chart has entered a higher trading limits and showed a weekly rise of more than 17%.
Litecoin this time was not included in the five most capitalized cryptocurrency last week, he lost in the rating of such competitors as Cardano and Bitcoin Cash. In addition, the “digital silver” followed older brother, bitcoin, and showed a negative weekly change in the area of 17%.
News background last week is driving the market, traders are willing to react to some news. If we consider individual cases, you should pay attention to the message that the platform Tether launches licenzirovanie dollar USD₮, EUR and € ₮ on the blockchain Ethereum is the platform Omni on Bitcoin. In this report, coupled with hopes for a speedy overcoming of the problems of scale and the continuing infrastructure development, broadcast only on Tuesday soared by more than 13%, to 1299$.
Also do not forget that the air supports some positive news after the Christmas period, where the focus was on message about the intention to switch to hybrid mining PoW+PoS.
On Thursday there were reports that the South Korean government once again wants to engage in restraint of trade cryptocurrencies. This news affected the course of trading all the major cryptocurrencies significant sales of, an average of 8%. Even a subsequent retraction did not help to return all lost ground.
Now consider technical analysis fundamental for this weeks cryptocurrency.
BTC/USD H4: there is much to decline
In the four-hour period, bitcoin continues to decline, the flames were pontito after reports that South Korea may ban cryptocurrencies. However, the schedule of prices failed to breach support at 12 728$. At the moment is still visible attempt to reach level 12 728$, and if the script with the sales will evolve, then you can expect to achieve the next support area 10 957$.
Terms of Elliott waves, we can expect the development of wave C, since there is no explicit signal at the output of the formed downtrend. In addition, one can see the development of the inner wave structure 1-2-3-4-5, where the third podwodna may find its completion at such levels as 10 957$ 9027$.
ETH/USD H4: time to correct
The growth leader last week, the air, after reaching a maximum at about 1426$ is technically ready to correct. It is possible to expect the formation of a correction within A-B-C in Elliott wave theory, and if that happens, then opens the prospect of achieving such supports as the 1100$ 833$. Therefore we recommend to pause and refrain from shopping, because, on the basis of schedule of rates of the ether, he is now overbought.
If it is to develop in a positive scenario, then we can expect an attempt to boost the level 1426$. The breakout of this mark will give a signal to buy, because the focus will be the development of a driving wave 3 at higher levels.
XRP/USD H4: sale still valid
Ripple is still in a downward trend and, from the point of view of graphical analysis, the price may start and continue to decline. The first goal, where ripple can stay, a district 1.5981$ 1.2444$. If sales continue, will open next target in the area 0.8007$. Such a scenario will allow to complete the formation of the driving wave 5 in the correction.
Sure turn and out of trend will allow you to see ripple in the range 2.4219 – 1.8803$.