Bitcoin began a downtrend since 12 days ago when the price was at $19800. In fact, Bitcoin is going far from its historical price record. According to CryptoQuant website, 98% of Bitcoins, which are transferred recently, belong to 10 giant Bitcoin Whales. The selling pressure, which is applied by whales could have only a short term impact on the market. The reason is that the number of institutional investors is surging continuously. For instance, yesterday, Wall Street Journal announced that Massmutual bought $100 million Bitcoin. In this article we are going to have a weekly analysis (06-12 Dec). Let’s take a look at the charts.
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In the last weekly analysis, we mentioned $18,000 to $18,500 area as crucial support levels. Although the price fell below $18,000 since last three days, the daily candles closed above this price. However, the candles placed in a short downtrend channel. If the price does not stabilize on EMA-20 and could not break the upper line of the channel, it’s expected to fall to $16,000 range.
Ethereum candles also have the same condition as Bitcoin. In fact, they moved below the mid-term uptrend line and currently place in a short downtrend channel. The RSI is at 50 and EMA-20 is horizontal. Therefore, they both show the possibility of a price return from the current level along with price decline. The price correction phase could be considered when the candlesticks become stable on the EMA-20 and the short-term downtrend. Otherwise, there is a possibility of price decline to $519 or even lower ($480).
Weekly Analysis (06-12 Dec); Ripple
Ripple buyers could push the candlesticks above the short-term downtrend line. However, the candles are still declining. The 50 cents support level could perform well so far, but falling below this level may result in further decline to EMA-50 (45 cents) or even lower to 40 cents.