Cryptocurrency prices analysis and forecast – 12 December 2018

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Cryptocurrency prices analysis and forecast – 12 Desember 2018
Cryptocurrency prices analysis and forecast – 12 Desember 2018
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BTC/USD

BTC/USD is being traded at $3,427 in the correction. For the last trading day, the technical pattern of the coin has not changed at all. Therefore, today let us summarize the analytical results for the mining industry. Since the beginning of November, the price of Bitcoin has decreased by about 45%. The network’s hashrate lost about 31% during this period. This figure is identical to approximately 1.3M disabled mining devices. This trend has led to a significant reduction in the complexity of Bitcoin mining. For the first time since October 2011, as of December 3 of the current year, the complexity of mining collapsed by 15.13%. All this, together with the general collapse in prices, are an indicator of the critical state of the mining industry and an additional factor affecting the downward correction of the market. Undoubtedly, the fall in the price of cryptocurrency has now made mining unprofitable. However, there are positive points. It became easier to mine by 15% for those who are still mining. This increases the profitability of mining per unit of computing power. Such a correction of the complexity and hashrate of the network makes mining more profitable, and part of the miners, in the future, can resume mining.

BTC/USD Forecast and analytics 12 December 2018
BTC/USD Forecast and analytics 12 December 2018

As part of the forecast for December 12, we can expect the continuation of the corrective movement in the range of $3,855 – $3,218. The signal area is very narrow and ranges from $3,550 – $3,515. This is a dynamic zone of the asset price “balance” for the next day. The price will tend to return to this value after moving higher or lower it. For now, it is lower and it is likely that the price will test it again, and then continue to decline to the region of $3,210 – $3,000.

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An alternative would be the development of a full upward correction. To start with, the price will need to break through $3,900 and go to the first goal of $4,200. After fixing at these levels, we can expect growth to the region of $4,800 – $4,500.

ETH/USD

ETH/USD is being traded at $88.35 in the correction. Since early December, the price of the coin has decreased by 22%. The coin shows a depressing inability to consolidate, day after day, at least at some level of support. This suggests that in the near future the minimum of the whole fall will be renewed again. In addition, when looking at the monthly chart, we can say that the next major area of support is likely to be the minimum of May 2017. This means a return to $65.00.

ETH/USD Forecast and analytics 12 December 2018
ETH/USD Forecast and analytics 12 December 2018

As part of the forecast for 11, we can expect the continuation of the corrective movement in the range of $101.25 – $84.45. The signal area is located at $93.00 – $91.40. This is a dynamic zone of the asset price “balance” for the next day. The price will tend to return to this value after moving higher or lower it. For now, it is lower and it is likely that the price will test it again, and then continue to decline to the region of $84.00 – $77.76.

An alternative would be the development of a full upward correction. To start with, the price will need to break through $106.00 and go to the first goal of $120.00. After fixing at these levels, we can expect growth to the region of $140.00 – $130.00.

XRP/USD

XRP/USD is being traded at $0.30263 in the correction. In the medium term, the situation is not much different from the general market. However, on the chart of this coin, the accumulation area of $0.32000 – $0.29500 is very well seen. It is noteworthy here that during the entire period of the formation of this “corridor”, not a single new maximum has ever been recorded. The dynamics of the price movement did not give any false hope that the current correction has at least some hint of a movement reversal. All the time quotes gradually fall into the zone of minimum values of the whole fall. Therefore, there is also a high probability of updating the current lows and continuing the bearish trend. Landmarks for the fall – levels of $0.28000 and $0.26000.

XRP/USD Forecast and analytics 12 December 2018XRP/USD Forecast and analytics 12 December 2018
XRP/USD Forecast and analytics 12 December 2018

As part of the forecast for December 12, we can expect the continuation of the corrective movement in the range of $0.33950 – $0.28400. The signal area is located at the levels of $0.31600 – $0.31200. This is a dynamic zone of the asset price “balance” for the next day. The price will tend to return to this value after moving higher or lower it. For now, it is lower and there is a possibility that the price will test it again, and then continue to decline to $0.28300 – $0.26650.

An alternative would be the development of a full upward correction. To start with, the price will need to break through $0.34800 and go to the first goal of $0.37000. After fixing at these levels, we can expect growth in the region of $0.43000 – $0.40000.

XMR/USD

XMR/USD is being traded at $42.990 and continues to fall. Over the last trading day, the coin updated minimums. The coin, as usual, anticipates all market movements. At the moment, we can say that the bearish trend resumed. It is difficult to say now how strong this wave of fall will be. The nearest reference point for the fall will be the area of $40.000 – $39.500. At these marks, the coin is likely to meet support.

XMR/USD Forecast and analytics 12 December 2018XMR/USD Forecast and analytics 12 December 2018
XMR/USD Forecast and analytics 12 December 2018

As part of the forecast for December 12, we can expect a further decline. The signal area is located at $46.150 – $45.000. This is a dynamic zone of the asset price “balance” for the next day. The price will tend to return to this value after moving higher or lower it. For now, it is lower and it is likely that the price will test it again, and then continue to decline in the region of $42.000 – $39.500.

An alternative would be the development of a full upward correction. To start with, the price will need to break through $60.000 and go to the first goal of $65.000. After fixing at these levels, we can expect growth in the region of $78.000 – $72.000.

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