Cryptocurrency market is truly excitement these days. Although Bitcoin holders are extremely excited due to the current price surge, Ripple holders are experiencing uncertainly about their investment. As we reflected in the news on wallebi, SEC sued Ripple due to selling unlicensed securities in the form of XRP. As a result, Ripple price declined dramatically. On condition that SEC could become successful in justice, Ripple will be known as an American security, which would be significant event in the cryptocurrency market. Bitcoin could take advantage of the current situation and the reason is that many of Ripple holders will sell their tokens and will inject their money to Bitcoin market. In this Article we are going to have a weekly analysis (20-26 Dec). Let’s take a look at the charts.
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Bitcoin could continue to grow from $23,500 to $24,300 in the last week. However, the price declined to $22,000 after a while. The small amount of current pullback shows that traders and investors expect higher growth for Bitcoin price. Despite the fact, RSI is above 70 and it signals that price may surge to $26,000 or even higher at $28,000.
However, if the price declines, the support level at $23,400 and then $22,000 (where the price correction and EMA-20 took place) could play the role as resistance against sellers. On condition that the price correction continues until $24,300 support level and start to rise again, the uptrend will resume.
Weekly Analysis (20-26 Dec); Ethereum
Ethereum is not experiencing a strong uptrend the same as Bitcoin. In fact, it is struggling with the crucial support at $615. Not only this support level is the cross point with mid-term Ascending trend line, but also it was a resistance level, which is converted to support.
In addition, EMA-20 is at the same range. If the price could rise from this support level, it may surge to $670 and then $720. However, If the price breaks the support level downward, the price may fall around $545.