Cryptocurrency prices analysis and forecast – 7 December 2018

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Cryptocurrency prices analysis and forecast – 7 Desember 2018
Cryptocurrency prices analysis and forecast – 7 December 2018
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BTC/USD

BTC/USD is being traded at $3,699 and continues to decline. Another reason for the investors’ pessimism was the message that the mining giant Bitmain lost over $ 740M due to the support of Bitcoin Cash hard fork. On this background, the lows of the whole fall were slightly updated. Probably in the short term, the cryptocurrency market will continue to fall within the current downtrend. It is also worth noting that in the area of $3,799 – $7,793 there was an accumulation of limit orders for sale. This is slightly below the technical “balance” zone. Remember that is a dynamic zone. Therefore, in case of returning the price to it, the zone will be adjusted to the area where limit orders are now located. Such a coincidence may give the price additional downtrend acceleration. The price can quickly reach $3,000.

BTC/USD Forecast and analytics 7 December 2018
BTC/USD Forecast and analytics 7 December 2018

As part of the forecast for December 7, we can expect a continuation of the downtrend. Signal area is located at $3,900 – $3,840. This is a dynamic zone of the asset’s “balance” for the next day. Departing from it higher or lower, the price will tend to return to this value. So, as now, it is lower, it is likely that the price will test it again, and then continue to decline to $3,650 – $3,550.

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An alternative would be the development of an upward correction. For a start, the price will need to break through $4,500 and go to the first goal of $4,740. Further, we can expect growth in the resistance zone of $5,500- $5,000.

ETH/USD

ETH/USD is being traded at $99.00 and continues to decline. Over the last trading day, the price of the coin fell by 9% and updated the annual minimum. Probably in the near future, the price will continue to fall. To change the situation, the coin must be fixed above the levels of $106.00 and $110.00. This scenario is unlikely in the near future. Now the coin is trading in the support area of $99.00. The following targets for the fall are $95.00, $89.00 and $83.70. It is also worth noting that in the area of $102.53 level limit orders began to be put up for sale. This is slightly below the technical “balance” zone. Since the zone is dynamic, in case of returning the price to it, it will be adjusted to the area where the limit orders are now located. This may give additional impetus to price changes.

ETH/USD Forecast and analytics 7 December 2018
ETH/USD Forecast and analytics 7 December 2018

As part of the forecast for December 7, we can expect a continuation of the decline within the trading range of $130.00 – $89.00. The signalling area is located at $107.00 – $104.45. This is a dynamic zone of the “balance” of the asset price for the next day. Departing from it higher or lower, the price will tend to return to this value. So, as now, it is lower, it is likely that the price will test it again, and then continue to decline in the region of $95.00 – $89.00.

An alternative would be the development of an upward correction. For a start, the price will need to break through $130.00 and gain a foothold above. Then we can expect growth in the resistance zone of $150.00 – $155.00.

XRP/USD

XRP/USD is being traded at $0.34243 as part of a corrective sideways trend. Over the last trading day, the coin has lost 2.86%. The lows of the whole fall were also updated. At the same time, the information is slightly supported by the fact that the blockchain consortium R3 will be the first to add XRP to its platform. This platform will make international cryptocurrency payments for obligations undertaken in the Corda network. In the near future, the coin will continue to follow the mood of the market. We look forward to continuing the development of the domino effect and a breakthrough of the last of the three savings of $0.43000 – $0.32890.

XRP/USD Forecast and analytics 7 December 2018
XRP/USD Forecast and analytics 7 December 2018

As part of the forecast for December 7, we can expect a continuation of the decline. The signal area is located at $0.34900 – $0.34315. This is a dynamic zone of the “balance” of the asset price for the next day. Departing from it higher or lower, the price will tend to return to this value. So, as now, it is lower, it is likely that the price will re-test it, and then continue to decline to the $0.32500 – $0.31000 zone.

An alternative would be the development of an upward correction. For a start, the price will need to break through $0.40500 and go to the first goal of $0.43000. Further, we can expect growth in the resistance zone of $0.50000 – $0.45000.

XMR/USD

XMR/USD is being traded at $49.101 and continues to move in a bearish trend. The price of the coin continues to update its lows. Currently, there are no signals to stop the bearish trend. The nearest strong support is at $46,000. It has not been tested yet. We are waiting for quotes to find a new bottom. After that, we will follow the possible signals either to the reversal of the trend or to its continuation.

XMR/USD Forecast and analytics 7 December 2018
XMR/USD Forecast and analytics 7 December 2018

As part of the forecast for December 7, we can expect the continuation of the downward movement. The signal area is located at $53.900 – $52.400. This is a dynamic zone of the “balance” of the asset price for the next day. Departing from it higher or lower, the price will tend to return to this value. So, as now, it is lower, it is likely that the price will test it again, and then continue to decline to $46.000.

An alternative would be the development of an upward correction. For a start, the price will need to break through $65.000 and go to the first goal of $72.000. Then we can expect growth in the resistance zone of $86.000 – $78.000.

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