The price of BTC and other cryptocurrencies were relatively stable over the last seven days. This stability in value is a result of a notable decrease in trading volume. One reason for this is the festivities as most investors are gearing up for the holidays.
Nonetheless, there were a few times when these assets showed significant volatility. One such was on Tuesday when the global cryptocurrency market cap dipped to a low of $790 billion. It opened the week at $812 billion and recovered after the low to peak at $818 billion.
A look at the sector’s chart, we noticed that it stayed above $810 billion for the most part of the week. It still maintains the same momentum and may end the week the same way it started, which means no increase or decrease to register.
A look at some of the stories that made rounds. We noticed that they were mostly positive. For example, the intraweek session started with a survey from Nigeria. It concluded that despite government bans, citizens still want more Bitcoin.
More good news from Brazil as a new law recognizes BTC as a legal means of payment. Russia also plans to legalize cryptocurrencies to use as a medium for international trade. All this positive news was unable to move prices.
With a brief overview of the market, let’s see how some coins in the top 10 performed.
Bitcoin may close the present week with no notable increases or losses. The low trading volume mentioned earlier also affects the apex coin and most of the coins in the top 10. On the weekly chart, the current intraweek session has the smallest candle over the last five weeks.
A look at the daily chart sheds more light on what transpired. We noticed that Monday and Tuesday were the most volatile. During the first intraday session, BTC dipped to a low of $16,293 after it opened at $16,744.
Little recovery and it closed with losses of almost 2%. The next day was the complete opposite. After kicking off trading at $16,441 it made an attempt at the $17k resistance. It recorded a short-lived success as it peaked at $17,046.
It faced strong rejection at the mark and was sent to close at $16,900. Nonetheless, it closed with gains of almost 3%. During the next three intraday sessions, the bears tried to stage a comeback. However, low trading volume prevented this from happening.
As a result, BTC failed to record any significant price changes. The last two days of the week are also seeing the same sentiment. We noticed a green, representing Saturday but had little or no impact on the value.
A look at the indicators, we noticed several bullish moves. The first is the Moving Average Convergence Divergence. Following a bearish divergence on Sunday, Monday’s price action saw the 12-day EMA dip further.
It began recovery on Tuesday as a result of the price increases. As at the time of writing, both the 12-day and the 26-day EMA are touching and a divergence is impending. The Relative Strength Index is silent and may close at 46.
Ethereum also experienced the same price movement as BTC. Due to this, it may close the current week with one of the smallest candles over the last five weeks. However, there are indications of a positive close as the altcoin is up by more than 2%.
ETH kicked off the week at $1,183. It made an attempt at $2k but failed as it faced strong rejection at $1,195. Monday’s candle was red as it lost a few percent during the session. This changed on Tuesday.
The coin saw its biggest move for the week as it opened at $1,167. It surged to a high of $1,231, flipping the $1,200 resistance. Although it faced notable correction, it closed with gains of more than 4%.
During the next intraday session, the bears tried to mount pressure on the coin but failed in their bid as it held on to $1,200. On Thursday, we noticed another attempt at retesting key support. As a result, ETH dipped to a low of $1,182 but rebounded.
It peaked at $1,238 but closed at its opening price. The last three days of the week were marked with very little price change as we noticed dojis. It is safe to say the coin was almost inactive during this period.
A look at the indicators showed that the largest altcoin is gearing for an uptrend. A closer look at MACD tells why. Like BTC, ETH had a bearish divergence last week. The 12-day EMA dipped more on Monday due to the price activity after a bearish divergence on Sunday.
The price rises caused a recovery to start on Tuesday. Both the 12-day EMA and the 26-day EMAs are touching as of the time of writing, indicating that a divergence is about to happen. It is possible that the Relative Strength Index will close at 47.
Binance coin saw significant volatility over the last seven days. However, most of its moves last week were bearish, which means that it is also down on the weekly. Currently down by more than 2%, the current intraweek session shows no signs of changing this.
Nonetheless, the bulls are relieved as this is a sign that the downtrend is slowing down. Like BTC, it had a bad start to the intraweek session. Monday saw BNB open at $251 and dipped to a low of $237.
Small recovery and it closed with losses of more than 4%. The bulls staged a massive rally the next day as the coin surged from $239 to a high of $252. It erased the previous losses and returned to the week’s opening price.
Unfortunately, the bears regained dominance the next day as BNB retraced to a low of $245. It closed with a loss of 2.15%. Like most cryptocurrencies, the last four days of the week were marked with no notable price movements, due to low trading volume.
During this period, it maintained the $240 support all through. Nonetheless, on Thursday, it tried retesting the highlighted mark. The bears are grinning hard as the Moving Averages are close to an interception.
Both the 50-day and the 200-day MA are gradually closing the gap and are in the process of a death cross. There are indications that we may see one more bullish round before this event.
The reason for this conclusion is clear from a closer look at MACD. BNB experienced a bearish divergence two weeks ago. Due to price movement on Monday following a massive downtrend last week, the 12-day EMA decreased further.
On Tuesday, a rebound began as a result of the price increases. As of the time of writing, the 12-day EMA and the 26-day EMA are so close to each other, signifying that a divergence is going to close. The Relative Strength Index might end the day at 37.
We noticed a doji on the weekly chart. This is a clear indication that Ripple failed to record any significant changes to prices. Aside from a little trading volume, we observed that most of the moves over the last seven had opposition.
For example, on Monday, it kicked off trading at $0.35 but dipped to a low of $0.33. The final hours of the intraday session saw the bulls attempt recovery. A a result, the coin closed at $0.34 with losses of more than 3%.
On Tuesday, they built on the lead and caused prices to hit a high of $0.35. However, it met strong rejection at the mark and retraced to a close of $0.348. Nonetheless, it closed with gains of almost 3%.
On Wednesday, it revisited $0.33 but rebounded and ended the day at $0.34 with no significant change in value. We noticed further attempts at gaining stability above $0.35 the next day. It failed and like the previous intraday session, it had no impact on the price.
It went above the highlighted mark on Friday but lost it over the next 40 hours. The Moving Averages are a huge source of concern. Both the 50-day MA and the 200-day MA intercepted and diverged.
A death cross took place two days ago. There are signs of another bullish round before the year ends. From a deeper examination of MACD, it is evident why this conclusion was reached. BNB recently had a bearish divergence. The 12-day EMA dropped even more as a result of Monday’s price movement after a sharp downturn the previous week.
The price rises led to a comeback that started on Tuesday. The 12-day EMA and the 26-day EMA are currently so near to one another, indicating that a divergence is about to close. The day could end with the Relative Strength Index at 37.
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