Bitcoin, Ether, and XRP Weekly Market Update December 14, 2020
The total crypto market cap erased $7.2 billion from its value since last Monday and now stands at $562.9 billion. The top 10 currencies were all in red for the last seven days with Ripple (XRP) and Bitcoin Cash (BCH) losing 18.4 and 4.2 percent of their value respectively. By the time of writing bitcoin (BTC) is trading at $19,215, ether (ETH) moved up to $588. XRP fell to $0.504.
Bitcoin closed the trading session on Sunday, December 6 at $19,369 and after two consecutive green candles on the daily chart managed to save the week with a 6.4 percent price increase.
To many, BTC was starting to regain its momentum, and was just a matter of time before it breaks out of the bullish pennant pattern seen on the lower timeframes.
That was not exactly the case on Monday. The leading cryptocurrency moved down to $19,185 and completely erased all gains from the previous day.
The move was followed by a sharp drop on Tuesday, December 8. The BTC/USD pair nosedived to $18,300 and lost another 4.6 percent. Looking at the higher timeframes, BTC lost its weekly support situated around $19,000, and was rejected at the all-time high on monthly.
The mid-week session on Wednesday saw Bitcoin finding stability at the next weekly support line at $18,150 and the short, 26-day EMA and then climbing up to $18,556 at the end of the day. It’s worth noting that bears were even to drag the price down to $17,600 during intraday.
On Thursday, December 10, the biggest cryptocurrency made one more attempt to break below the mentioned support registering a daily low of $17,900. Still, it closed at $18,240.
The line was broken during the last session of the workweek as bulls’ problems were deepening and BTC was starting to lose its grip on the uptrend. It closed at $18,020, but not before hitting $17,581.
The first day of the weekend came with a solid rebound from the mentioned zone. BTC/USD added 4.3 percent and ended the Saturday session at $18,818.
Then on Sunday it made another step up and reached $19,166.
The 24-hour trading volumes peaked at $31 billion on Wednesday, then fell to $24 billion on Thursday and continued to hover around that level for the remaining of the week.
The ETH/USD pair was struggling to regain positions above the daily resistance at $600. The coin closed at $602 on Sunday, December 6, but started losing momentum on the very next day. Still, it was 4.3 percent up on a weekly basis.
As mentioned, the ether started dropping on Monday by forming a short red candle to $590.
The downward correction was resumed on Tuesday, December 8, and the biggest altcoin erased 6 percent of its valuation, ending the session at $555. Bears were even able to push the price below the next horizontal support on the weekly timeframe situated at $560.
The third day of the workweek brought some relief for buyers and they saw the Ethereum token successfully recovering to $574 after hitting a daily low of $531 in the morning.
On Thursday, December 10, the ETH/USD pair once again changed its direction and dropped to $558.It formed a second straight red candle on Friday and lost the support line by closing at $542. It was almost 10 percent down since it hit $600 on December 7.
The weekend of December 12-13 started positively for the ether bulls. It rose to $568 thus not allowing a proper consolidation, which would have confirmed a short to mid-term downtrend reversal.
On Sunday, it continued to climb and reached $590 on its way to the next daily resistance line.
The Ripple company token XRP moved up to $0.622 on Sunday, December 6, and once again regained positions above the monthly support level at $0.58. The coin ended the seven-day period with a 2.6 percent price increase.
The beginning of the new week, however, was not that good for buyers and the major altcoin once again started to lose momentum. It fell down to $0.607 and the lack of high trading volumes was becoming more and more obvious and was already starting to impact the coin’s performance.
It continued to slide on Tuesday, December 8 forming a red candle to $0.558. The short-term downward reversal was confirmed during the mid-week session on Wednesday when the XRP/USD pair was rejected at the already-mentioned horizontal support. The bear pressure was rapidly increasing and sellers were able to push the price of XRP down to the next weekly support level and psychological mark – $0.50.
On Thursday, December 10, and Friday, December 11, XRP first dropped to $0.573 and then to $0.535, erasing 4.1 percent for the two days combined.
The weekend of December 12-13 started with a third consecutive session in red for the “ripple”. It hit the weekly support line and moved below the fast 26-day EMA. It is worth mentioning that the $0.50 level is a critical one for keeping the mid to long term uptrend intact and XRP surpassed it successfully this November for the first time since October 2018.
On Sunday, it stabilized around the mentioned area and ended the week at $0.512.
Altcoin of the Week
Our Altcoin of the week is Elrond (EGLD). The so-called eGold, which was rebranded from ERD to eGLD, and denominated, following the project’s mainnet launch in July, grew by 21 percent in the last seven days.
The coin added 92 percent to its value for the two-week period and reached #68 on CoinGecko’s Top 100 list with a market capitalization of approximately $252 million.
EGLD reached a weekly high of $17.05 on Sunday, December 13 and as of the time of writing this is trading at $17.7 against USD on Binance: