Price Analysis 12/18: BTC, ETH, BNB, XRP

Crypto price

BTC and most cryptocurrencies showed a lot of volatility over the last seven days. It is safe to say the crypto market came alive with most crypto assets following several fundamentals that had a notable impact on prices.

These moves also reflected in the global cryptocurrency market cap. The sector opened at $851 billion and surged to a high of $885 billion as the bulls rallied the various assets to flip key levels.

However, it took a turn for the worse as several negative fundamentals hit. As a result, it dipped to a low of $796 billion but had little recovery to $809 billion and may close at this value. We may conclude that although volatile, the last seven days were not bullish for the crypto market.

Let’s go over some of the news that made rounds during the period under consideration. As anticipated, the consumer price index for November was released on Wednesday. During this session, most cryptocurrencies were experiencing notable increases that stopped after the release.

The next day came with more bad news for the sector under consideration. The Feds increased the interest rate by 50 bps. This announcement had a bearish impact on the crypto market and other traditional assets.

A look at the top 100s showed that some cryptocurrencies held on to some of the gains regardless of the fundamentals. One such is Toncoin. On the weekly scale, it closed with gains of more than 28%.

Trust Wallet Token was the top loser as its bullish run came to an end and it experienced massive retracements. With a brief overview of the market, let’s go over how some assets in the top 10 performed.

BTC/USD

Bitcoin had its biggest volatility-filled week during the previous intraweek session. A look at the weekly candles confirms this as we noticed that the candle representing the previous week’s performance was the longest for more than five weeks.

The apex coin broke the previous trend of having a bad start as it recovered from a low to a close with little positive change in value. It dipped to a low of $16,882 but closed at $17,200. However, it failed to record any notable gains.

The next day was another green one for BTC. We notice the bulls building on the previous day’s improvements. For the first time in almost thirty days, it retested the $18k resistance. It peaked at $18,100 but could not sustain the momentum.

As a result, it retraced and ended the intraday session at $17,772. Nonetheless, it closed with gains of more than 3%. The highest of the week. The coin made more attempts at key levels during the next 24-hour cycle.

It flipped $18k again and hit a high of $18,373. However, it lost the level and dipped to its opening price as several bearish fundamentals hit. This also marked the end of reclaiming previously lost levels as the next two days were filled with selloffs.

On Thursday, it dipped to a low of $17,288 but closed a little higher. This was not enough to erase the incurred losses as it ended the day with losses of almost 3%. The biggest loss happened on Friday.

It closed with losses of more than 4%. The next two days were a return to little trading volume. On the part of indicators, they also took a bearish turn. One such is MACD. It started a bearish divergence. We also noticed RSI dipping to 42.

ETH/USD

On the weekly scale, we noticed that Ethereum had one of its worst runs of the month during the previous week, it closed with losses of more than 6%. Like BTC, the first intraday session was marked with little increase as it recovered from a low.

The session ended with no notable change in value. However, the bulls built on the little gains the next day as the top coin registered it biggest pump of the week. It opened at $1,276 and peaked at $1,350.

It experienced notable retracement at the high but retained a fraction of the accumulated gains. The session ended with ETH seeing a positive change of more than 3%. It retested the previous day’s high on Wednesday but failed to continue the surge.

As a result, it dipped a little below its opening price and ended the session with no notable changes to prices. This changed the next day as we noticed another dip to $1,259. The bulls put up a fight but failed to erase the losses.

The session ended with losses of more than 3%. The next day was the worst for the coin as it saw its biggest dip. For the first time in more than fourteen days, ETH dipped below $1,200. The drop was one that many never anticipated.

However, it failed to recover and closed with losses of more than 7%. The last two days of the week were marked with little trading volume and the altcoin failed to record any significant change in value.

We also notice several bearish reading on indicators. The first is the Moving Average Convergence Divergence. The metric pointed out that the asset under consideration had a bearish divergence on Thursday due to the massive increase in selling pressure.

The Relative Strength Index agrees with the previous statement as it closed at 41.

BNB/USD

Binance coin had one of its worst performances during the previous intraweek session. A look at the daily chart shows that the coin was mostly bearish over the last seven day which also reflected on its weekly chart.

The previous intraweek session closed with losses of more than 10%. Let’s go over what transpired. It opened the week with losses of almost 3%. During that intraday session, it lost the $280 support.

The next day started on high notes as the coin was about reclaiming lost levels. However, the bears capitalized and sent it to a deeper low. For the first time in almost thirty days. BNB attempted retesting the $250 support.

The advancement halted as it rebounded at $253. It met buyback and edged closer to its opening price. Unfortunately, it failed to erase all of its losses as the closed with little losses. The bullish close to the previous day continued on Wednesday.

It tried reclaiming the $280 resistance but failed as it peaked at $278. However, it soon retraced like BTC and most crypto assets. It dipped to a low of $265 and closed with very little losses. Thursday was another bearish day for the asset.

BNB dipped to a low of $265 and ended the session with losses of more than 3%. It had its biggest dip on Friday as it retraced from a high and retraced to a low $225. This is the first time since August the coin is dipping to this level.

It closed with losses exceeding 10%. The last two days of the week were marked with several attempts at recovery which yielded results. The altcoin gained more than 6% during the weekend.

A look at the indicators sheds more light on the situation. On Monday, BNB had its bearish divergence. RSI also dipped below 30 on Thursday in response to the massive drop in price.

XRP/USD

Like BTC, XRP had a bullish start to the previous week. We noticed the first green after the altcoin dipped to a low $0.37 after it opened at $0.38. It rebounded and attempted a retest of the $0.39 resistance but failed.

It stopped a few cents short of the mark but closed with a little increase in value. On Tuesday, the bulls built on this lead and flipped the highlighted level. They took it a step further as the coin tried retesting $0.40.

Like previous attempts, it failed. Nonetheless, it peaked at $0.398 and closed with gains of more than 2%. The next was the opposite as XRP lost all its previously accumulated gains. It retraced to a low of $0.37 but saw buyback.

As a result, it closed at $0.38, erasing all previous increases. The next day was also red as the coin failed to surge. The losses were below 2% which many considered insignicant. This changed on Friday.

Ripple dipped to a level it hasn’t in more than twenty days. After a open at $0.37, it dipped to a low of $0.35. The last time it reached this level was in November 21. The massive decrease came to an end.

Unfortunately, the bulls failed to rally the coin. As a result, it closed with losses of more than 7%. The last two days of the week had very little impact on prices. On the weekly scale, the altcoin lost more than 5%.

A look at the indicators tells a corresponding story. We noticed that the Relative Strength Index dipped to a low of 36. The Moving Average Convergence Divergence is another bearish metric. It showed that the asset under consideration had a bearish divergence.

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